Treasurer Sprague, City of Miamisburg Announce OMAP Deal Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Miamisburg to refinance existing debt and save an estimated $7,870 in interest costs over the next year.
“For the last four years, Miamisburg has taken advantage of OMAP to make significant improvements to the city,” said Treasurer Sprague. “When local governments are investing in important infrastructure and economic development projects, OMAP puts the state’s high credit to work and stretches taxpayer dollars.”
The OMAP credit enhancement allowed the City of Miamisburg to achieve meaningful interest cost savings since it joined in 2018. The proceeds from the note will be used to retire a portion of the 2020 notes. The original note was used to build a new road and related storm water improvements.
“Miamisburg has utilized the Ohio Market Access Program for several years with great success,” said Finance Director Jennifer Johns. “Our substantial savings in interest costs enables the City to apply those resources toward future economic development that benefits residents and businesses. The application process was efficiently run by the Treasurer’s office and we look forward to future savings from these transactions.”
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.