Treasurer Sprague Announces OMAP Savings for the Village of Grafton
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Grafton (Lorain County) enter the market and save an estimated $36,075 in interest costs over the next year. This issuance marks the third time that the city has utilized OMAP to achieve savings.
“Even during these times of rising interest rates, communities must continue to make important improvements. That’s where OMAP comes in, offering improved marketability and strengthened credit quality for local governments,” said Treasurer Sprague. “We’re glad to have Grafton as an ongoing OMAP partner, which is now saving the village more than $100,000 in interest expenses since 2021.”
The OMAP credit enhancement will help the Village of Grafton achieve significant interest cost savings. The original note was issued to finance upgrades to the village’s main electrical substation.
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 265 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated approximately $4.8 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/.