Treasurer Sprague, City of Hamilton Announce OMAP Deal Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Hamilton (Butler County) enter the market and save an estimated $181,794.86 in interest costs over the next year.
“OMAP helps local governments across Ohio save money as they finance important community projects,” said Sprague. “We’re proud to partner with the City of Hamilton for the first time as they invest in road and water system improvements and a criminal justice complex for the community.”
The OMAP credit enhancement will help the City of Hamilton achieve meaningful interest cost savings. The note was issued to acquire and construct a criminal justice complex, stormwater and wastewater system improvements, and road improvements. This issuance marks the first time that the city has utilized OMAP.
“In a time of rising interest rates, OMAP gave the city a low-cost option to borrow the money on a short-term basis in hopes that rates will fall in the upcoming years,” said City of Hamilton Finance Director David C. Jones.
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 255 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/.