Treasurer Sprague Announces OMAP Savings for the EHOVE Career Center

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the EHOVE Career Center (Erie and Huron Counties) enter the market and save an estimated $14,958 in interest costs. This issuance marks the first time the career center has utilized OMAP to achieve savings.

“OMAP is helping our local communities to obtain more competitive interest rates and achieve meaningful cost savings,” said Treasurer Sprague. “We’re proud to welcome the EHOVE Career Center as our newest OMAP partner, and we’re honored to back their efforts to make important upgrades while also achieving nearly $15,000 in total savings.”

The EHOVE Career Center's notes were issued to finance the construction, renovation, remodeling, furnishing, equipping, and overall enhancement of joint vocational school district buildings.

OMAP is a credit enhancement program that leverages the state’s excess liquidity and high short-term credit rating to help improve market access and lower borrowing rates for local governments. Since its 2014 launch, OMAP has supported more than 335 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $6.7 million in estimated savings for local governments.

Any government subdivision in good fiscal standing, including cities, villages, school districts, counties, townships, and special districts, issuing short-term debt is eligible to participate. For more information, visit https://omap.ohio.gov/.

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