Treasurer Sprague, City of Worthington Announce OMAP Deal Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Worthington (Franklin County) enter the market to issue new debt and refinance outstanding debt, saving an estimated $4,652 in interest costs.
“The Ohio Market Access Program puts the state’s high credit rating to work for our local government partners,” said Treasurer Sprague. “Through OMAP, local governments can finance important infrastructure projects and save money on interest costs. This is the third time Worthington has utilized OMAP, and we look forward to continuing to support the city as they navigate the municipal debt market.”
The OMAP credit enhancement allowed Worthington to achieve considerable interest cost savings. The original note proceeds were used to finance sewer, water, and energy improvements, as well as a new roof and other improvements to the city’s fire station and community center. The “new money” portion of this year’s notes will be used to finance the design, construction, furnishing, and equipping of a police building.
“The City of Worthington has successfully utilized the OMAP program for our past three short term note issues,” said Scott Barter, Director of Finance for the City of Worthington. “The use of this program has generated significant savings for the city and our 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 180 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $3.7 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.