Treasurer Sprague, Village of Genoa Announce OMAP Deal SavingsCOLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Genoa (Ottawa County) enter the market to refinance outstanding debt and save an estimated $14,850 in interest costs.
“Budgets across the state are getting tighter,” said Treasurer Sprague. “With OMAP, local governments can stretch their dollars and complete important infrastructure projects at a lower cost. We’re proud to partner with Genoa on this deal, and we look forward to working with more communities to help lower their interest expenses.”
The OMAP credit enhancement allowed the Village of Genoa to achieve considerable interest cost savings. The original note was issued to finance improvements to the village’s electricity infrastructure, including the purchase and installation of three diesel-fired generating units. This is the village’s fourth consecutive year participating in the program.
“The Village of Genoa is appreciative of this program that allows the Village to borrow funds to help finance infrastructure projects that are vital to the residents of the Village to maintain reliable and affordable utilities,” said Village of Genoa Administrator Kevin Gladden. “We also appreciate all of the help we receive from the great employees in the Ohio Treasurer’s office that makes the process easy.”
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.