Treasurer Sprague Announces OMAP Savings for the Village of Granville
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Granville (Licking County) enter the market to refinance outstanding debt and save an estimated $26,350 in interest costs. This issuance marks the first time that the village has utilized OMAP to achieve savings.
“We’re thrilled to welcome the Village of Granville as our newest local government partner to achieve meaningful savings through OMAP,” said Treasurer Sprague. “As we continue to navigate a challenging interest rate environment, more communities are turning to OMAP as a tool to drive down costs when pursuing and managing important improvement projects.”
The Village of Granville utilized OMAP to issue a tax-exempt note and a taxable note to retire outstanding notes. The original notes were issued to finance the construction of a service center and to aquire real estate.
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/.