Treasurer Sprague, City of Northwood Announce OMAP Deal Savings
COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Northwood (Wood County) issue new debt and save an estimated $37,720 in interest costs.
“Through the Ohio Market Access Program, local governments can use the state’s high credit rating to save money on important economic development and infrastructure projects,” said Treasurer Sprague. “We’re proud to support the City of Northwood as they make improvements across the community.”
The OMAP credit enhancement allowed the City of Northwood to achieve significant interest cost savings. The proceeds from the note sale will be used to finance street and parking improvements. This is the city’s first time participating in the program.
“The City of Northwood is very appreciative of the OMAP program. By participating in this program, the city was able to leverage the state’s high credit rating to reduce the interest costs on this note,” said Northwood Finance Director Ken Yant. “The savings will allow us to further develop the public improvements needed for the redevelopment of the city’s first ‘Main Street.’”
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 195 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