Treasurer Sprague Announces OMAP Savings for the Village of Oakwood
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Oakwood (Cuyahoga County) enter the market and save an estimated $6,211.92 in interest costs over the next year.
“Ohio’s top credit rating continues to provide opportunities for the Treasurer’s office to help local governments achieve real savings when investing in critical infrastructure projects,” said Treasurer Robert Sprague. “We’re proud to see the Village of Oakwood returning to use OMAP for a ninth time and increasing their total savings through the program to nearly $80,000.”
The OMAP credit enhancement will assist the Village of Oakwood to achieve meaningful savings on interest costs. The original note was issued to finance building improvements, real estate acquisition, street improvements, and other various purposes. This issuance marks the ninth time that the village has utilized OMAP to achieve savings. The previous deals saved the village an estimated $72,549.06 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 285 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $5.2 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/.