Treasurer Sprague, City of Kirtland Announce 2021 OMAP Deal Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Kirtland to refinance existing debt and save an estimated $3,414 in interest costs over the next year.
“Our local governments are always working to complete important infrastructure projects, and OMAP helps them to do so at a lower cost,” Treasurer Sprague said. “Kirtland has been one of our longstanding partners in the program, and we’re proud to provide this ongoing support.”
The OMAP credit enhancement allowed the City of Kirtland to achieve meaningful interest cost savings. The proceeds from the original note were used to finance road improvements, vehicle acquisitions, equipment, roofing, and HVAC system improvements. This is the City of Kirtland’s sixth year utilizing OMAP.
“Kirtland’s participation in OMAP was vital to the city’s successful short term debt financing. The enhanced rating provided the city with an exceptional pricing yield for our note,” said Kirtland Finance Director Mary Kovalchik. “Having partnered with the Ohio Treasurer’s office during this fluctuating market proved to be an overwhelmingly smart business choice for the City of Kirtland.”
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.