Treasurer Sprague, Village of Grafton Announce OMAP Deal Savings
COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Grafton (Lorain County) issue new debt and save an estimated $28,860 in interest costs.
“The Ohio Market Access Program puts the state’s high credit rating to work to generate meaningful savings for local governments,” said Treasurer Sprague. “With budgets tightening across the state, OMAP is more valuable than ever in helping our communities stretch their dollars when making investments in important infrastructure projects. We’re proud to have the Village of Grafton participate in this program for first time.”
The OMAP credit enhancement allowed the Village of Grafton to achieve meaningful interest cost savings. The proceeds from the note sale will be used to finance upgrades and expansions to the village’s main electrical substation. This is the village's first year participating in the program.
“The Ohio Market Access Program was an instrumental and affordable funding mechanism to make these infrastructure improvements possible,” said Grafton Village Administrator Joe Price. “Through OMAP, the interest savings alone over the life of this improvement will support sustainable services and long-term cost savings for all Village utility customers and taxpayers for the “Grafton of Tomorrow.”
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.