Treasurer Sprague, City of Riverside Announce 2022 OMAP Deal Savings
COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Riverside (Montgomery County) enter the market to refinance outstanding debt and save an estimated $24,500 in interest costs over the next year.
“By leveraging the state’s high credit rating, OMAP is a trusted tool to help Ohio’s local governments save money when financing important projects,” said Sprague. “We look forward to helping more communities navigate the municipal debt market.”
The OMAP credit enhancement allowed the City of Riverside to achieve meaningful interest cost savings. The original notes were issued to acquire and improve two office buildings. This issuance marks the fifth time that the city has utilized OMAP. The previous four deals have saved the city an estimated $41,010 in interest expenses.
“The OMAP tool is critical to our community’s ability to finance important infrastructure,” said Riverside City Manager Joshua Rauch. “We appreciate the cost savings OMAP provides to the city and its taxpayers.”
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 220 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.2 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 $39 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.