Treasurer Sprague Announces OMAP Savings for the Village of Walton Hills
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Walton Hills (Cuyahoga County) enter the market to refinance outstanding debt and save an estimated $2,880 in interest costs.
“This latest deal marks the eighth time the Village of Walton Hills has used OMAP to drive down interest costs and achieve meaningful savings,” said Sprague. “The Treasurer’s office is proud to continue partnering with Walton Hills and communities across Ohio to take full advantage of OMAP. Through this program, local governments can save money on borrowing costs as they invest in critical infrastructure and improvements to enhance their communities.”
The Village of Walton Hills’ original note was issued to provide money for road repairs and repaving projects. Through this issuance, the village has now utilized OMAP eight times to achieve savings. The previous seven deals saved the village an estimated $42,652.90 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 $5.3 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/.