Treasurer Sprague Announces OMAP Savings for the Village of Carey
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Carey (Wyandot County) enter the market to refinance outstanding debt and save an estimated $38,237.50 in interest costs.
“Local governments across Ohio are always looking to make critical infrastructure upgrades and complete important community projects. In the face of rising interest rates, OMAP remains a valuable tool for local governments to save on borrowing costs,” said Treasurer Sprague. “With this latest deal, the Village of Carey will bring their total savings through OMAP to more than $200,000 since first partnering with our office in 2018.”
The original note was issued for major electric system improvements, including the purchase of a new substation, transformer, and distribution feeders, as well as the replacement of wooden poles with iron or steel poles. Through this issuance, the village has now utilized OMAP six times to achieve savings. The previous five deals saved the village an estimated $193,982.08 in interest expenses.
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 285 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $5.3 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/.