Treasurer Sprague, City of West Carrollton Announce 2021 OMAP Deal Savings
COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of West Carrollton (Montgomery County) issue new debt, refinance outstanding notes, and save an estimated $11,037 in interest costs over the next year.
“For the past five years, West Carrollton has utilized OMAP to make significant investments in the community,” said Treasurer Sprague. “The program provides local governments with a powerful tool to save money on their important economic development and infrastructure projects, and we’re proud to support the city in this way.”
The OMAP credit enhancement allowed the City of West Carrollton to achieve significant interest cost savings. The proceeds from the note will be used to acquire new real estate and to refund existing notes that were originally issued to acquire parcels of real estate.
“We have used OMAP for economic development projects in West Carrollton for several years with fantastic results,” said West Carrolton Finance Director Tom Reilly. “The Treasurer’s team has been wonderful to work with. We are proud to partner with them to build a stronger region and look forward to future projects.”
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.