Treasurer Sprague, Lake County Announce OMAP Deal Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped Lake County enter the market to refinance outstanding debt and save an estimated $4,000 in interest costs.
“Through OMAP, Ohio’s local governments have a powerful tool for saving money while they finance important public projects,” said Treasurer Sprague. “This is especially important as budgets tighten in every corner of the state, and we’re proud that Lake County continues to use and benefit from the program.”
The OMAP credit enhancement allowed Lake County to achieve meaningful interest cost savings. The original note was issued to finance the construction of a county administration building, along with other improvements. This is Lake County’s third time utilizing OMAP.
“Thanks to the Ohio Market Access Program, Lake County was able to leverage the state’s high credit rating to reduce the costs on our short-term borrowing,” said Lake County Finance/Budget Director Michael Matas. “We’re proud to take advantage of the program and for the opportunity to save money for the residents of Lake County.”
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.