Treasurer Sprague Announces OMAP Savings for the Village of Jackson Center
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Jackson Center (Shelby County) enter the market and save an estimated $17,200 in interest costs over the next year.
“Communities across Ohio use OMAP to leverage the state’s high credit rating and lower borrowing costs for local projects and infrastructure improvements,” said Sprague. “The Village of Jackson Center has been taking advantage of the program regularly since 2018, and we’re proud to have helped them save nearly $100,000 in interest costs over the span of six deals.”
The OMAP credit enhancement will continue to help the Village of Jackson Center achieve significant savings on interest costs. The original note was issued to construct a new electric substation. This issuance is the sixth time that the village has utilized OMAP to achieve savings. The previous five deals have saved the village an estimated $81,352 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 280 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $5 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/.