Treasurer Sprague, Village of Carey Announce 2021 OMAP Deal Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Carey (Wyandot County) enter the market to refinance outstanding debt and save an estimated $27,475 in interest costs over the next year.
“OMAP has become an increasingly popular and valuable tool for local governments looking to save money when financing improvement projects in their communities,” said Treasurer Sprague. “This is the fourth consecutive year that the Village of Carey has taken advantage of the program, and we’re proud to partner with them as they continue to make important investments.”
The OMAP credit enhancement allowed the Village of Carey to achieve meaningful interest cost savings. The original notes were issued to fund improvements to the village’s electrical system infrastructure, including the construction of new distribution lines to serve a school and industrial park. This issuance marks the fourth time the Village of Carey has utilized OMAP. The previous three deals have saved the village an estimated $134,865 in interest expenses.
“The Village of Carey is excited to be able to continue to participate in the Ohio Market Access Program and allow the village to continue see the savings for another year,” said Village of Carey Administrator Nathan Curtis.
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 210 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.1 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 $39 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.