Treasurer Sprague Announces OMAP Savings for the Village of Holiday City
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Holiday City (Williams County) enter the market and save an estimated $12,760.27 in interest costs over the next year. This issuance marks the eighth time that the village has utilized OMAP to achieve savings.
“We’re always happy to see local governments returning to OMAP as they invest in their communities and make improvements to critical infrastructure,” said Treasurer Sprague. “The Village of Holiday City has been a program partner since 2016, using OMAP to save over $140,000 in interest expenses.”
The OMAP credit enhancement will help the Village of Holiday City achieve significant interest cost savings. The original note was issued to finance upgrades to the village’s main 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 270 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated approximately $4.9 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/.