Treasurer Sprague, Union Township Announce OMAP Deal Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped Union Township (Clermont County) enter the market to refinance outstanding debt and save an estimated $24,060 in interest costs.
“Local governments across Ohio are using the Ohio Market Access Program to finance important infrastructure projects and save money on interest costs,” said Treasurer Sprague. “We’re putting the state’s high credit rating to work for our local government partners, and we’re proud to have Union Township participate in this program for the third consecutive year.”
The OMAP credit enhancement allowed Union Township to achieve considerable interest cost savings. The original note was issued to finance a park, a fire station, and road improvements.
“Using OMAP provided Union Township with an expeditious and cost savings process to refinance some existing debt that saved our township thousands of dollars,” said Union Township Administrator Ken Geis. “I recommend that all communities explore the possibility of using OMAP when considering financing.”
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 $20 billion investment and $10 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.