Treasurer Sprague, City of Forest Park Announce OMAP Deal Savings
COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Forest Park to refinance existing debt and save an estimated $3,407 in interest costs over the next year.
“Through OMAP, communities can benefit from the state’s high credit rating to obtain lower interest payments when financing important projects,” said Treasurer Sprague. “By taking advantage of this program, local governments can generate significant savings and stretch taxpayer dollars. This is Forest Park’s fourth year utilizing OMAP, and we’re proud to support the city as they invest in their community.”
The OMAP credit enhancement allowed the City of Forest Park to achieve meaningful interest cost savings. The proceeds from the original note were used to finance street construction, building improvements, and the acquisition of real estate for economic development purposes.
"The City of Forest Park thanks Treasurer Sprague for providing local governments support through the Ohio Market Access Program,” said Harlita Tomlinson, Director of Finance for the City of Forest Park. “The city has found it very beneficial to utilize the program and conserve taxpayer resources."
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 200 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $3.9 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.
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $29 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.