Treasurer Sprague, City of Wapakoneta Announce 2022 OMAP Deal Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Wapakoneta enter the market to refinance outstanding debt and save an estimated $119,050 in interest costs over the next year.
“OMAP has a proven track record of helping communities save money when making investments in infrastructure projects or other improvements,” said Treasurer Sprague. “By leveraging the state’s high credit rating, OMAP reduces interest expenses for our local government partners. With interest rates on the rise, the savings generated through OMAP will become even more valuable. We’re proud to partner with the City of Wapakoneta as they continue to utilize the program.”
The OMAP credit enhancement allowed the City of Wapakoneta to achieve meaningful interest cost savings. The original note was issued to finance the construction of two electric substations, add and upgrade transmission lines, and make additional electric system improvements. This issuance marks the fifth time that the city has utilized OMAP. The previous four deals have saved the city an estimated $462,490 in interest expenses.
“The city recognizes the tremendous impact of OMAP on our ability to finance important projects,” said Michael Brillhart, Safety Service Director for the City of Wapakoneta. “Through this program, we’ve been able achieve significant savings for the city and our residents.”
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 235 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.4 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.