Treasurer Sprague, City of Riverside Announce 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, refinance outstanding debt, and save an estimated $5,060 in interest costs.
“By putting the state’s high credit rating to work for local governments, OMAP is helping communities across Ohio finance and save money on critical economic development and infrastructure projects,” said Treasurer Sprague. “We’re proud to support Riverside as they make improvements for the city’s residents.”
The OMAP credit enhancement allowed the City of Riverside to achieve meaningful interest cost savings. The original note was issued to finance the acquisition and improvement of two office buildings for economic development purposes. The city also issued $500,000 in new notes to finance additional improvements to the office buildings, including roofing and elevator updates. This is the city’s fourth consecutive year participating in the program.
“The City of Riverside is very appreciative of the Ohio Market Access Program. The committee provides professional support and oversight of applications which builds confidence for the investors,” said Riverside City Manager Mark Carpenter. “By participating in the program, our city has received favorable interest rates which save our taxpayers thousands of dollars. The money is used to invest in our infrastructure and make much needed improvements which benefit our community. We look forward to continued participation in OMAP.”
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 190 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $3.8 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.