Treasurer Sprague Announces OMAP Savings for the Village of Genoa
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Genoa (Ottawa County) enter the market to refinance outstanding debt and save an estimated $6,540 in interest costs over the next year.
“OMAP is a powerful cost-saving tool that leverages the state’s high credit rating to reduce interest expenses for our local government partners,” said Treasurer Sprague. “We’re proud of the ongoing savings generated for Genoa as they invest in their electrical infrastructure.”
The OMAP credit enhancement allowed the Village of Genoa to achieve meaningful interest cost savings. The original notes were issued to finance improvements to the village’s electrical infrastructure, including the purchase and installation of three generation units. This issuance marks the fifth time that Genoa has utilized OMAP. The previous four deals have saved the village an estimated $74,780 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 220 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.2 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/.
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $39 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.