Treasurer Sprague, City of Celina Announce OMAP Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Celina (Mercer County) enter the market and save an estimated $16,432 in interest costs over the next year. This issuance marks the first time that the city has utilized OMAP to achieve savings.
“We’re always glad to see local governments utilizing OMAP to save on interest costs while making important investments in their communities,” said Treasurer Sprague. “As a first-time participant, we’re proud to help Celina save money while they construct facilities for their Electric Distribution Department.”
The OMAP credit enhancement will help the City of Celina achieve significant interest cost savings. The note was issued to construct a building to house equipment, vehicles, and personnel for the Celina Electric Distribution Department.
“Although there is interest expense with the OMAP Program, the City of Celina is pleased to take advantage of the below market rates for the project without impacting customer rates while the note repayment is part of our annual budget process,” said Celina Mayor Jeffrey Hazel.
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 260 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/.