Treasurer Sprague Announces OMAP Savings for the Village of Sycamore
The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Sycamore (Wyandot County) enter the market and save an estimated $6,125 in interest costs over the next year.
“OMAP is a valuable tool to help local governments across Ohio save money while investing in their communities,” said Sprague. “By leveraging the state’s high credit rating, we’re able to help the Village of Sycamore make needed improvements and save money on borrowing costs.”
The OMAP credit enhancement will help Sycamore achieve meaningful interest cost savings. The note was issued to finance electric system upgrades including reconductoring existing lines, installation of new switches, and reconfiguring feeders to balance load. This is the first time the Village of Sycamore has utilized OMAP.
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 245 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.7 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/.