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Treasurer Sprague, City of West Carrollton Announce OMAP Deal SavingsThe Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of West Carrollton (Montgomery County) enter the market to refinance a one-year note and save approximately $30,300 in interest costs.
“We’re proud to partner with West Carrollton to provide the city with significant savings," said Treasurer Sprague. “It’s important that all levels of government work together as we navigate these challenging times, and OMAP helps by leveraging the state’s high short-term credit rating to lower borrowing costs for local governments.”
There recently has been a strain on liquidity due to the COVID-19 pandemic as the usual buyers have not been as active in the municipal market. The OMAP credit enhancement allowed the City of West Carrollton to achieve considerable interest cost savings. The original note was issued for local economic development projects.
“We have used OMAP for economic development projects in West Carrollton for several years and we’ve seen excellent results,” said Tom Reilly, West Carrollton Finance Director. “The Treasurer’s team has been great to work with and we’re proud to partner with them to build a stronger West Carrollton.”
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 150 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $3 million in 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/.