Treasurer Sprague, Village of Jackson Center Announce OMAP Deal Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped American Municipal Power, on behalf of the Village of Jackson Center (Shelby County), enter the market to refinance outstanding debt and save approximately $26,625 in interest costs.
“The Ohio Market Access Program puts the state’s high credit rating to work for our local governments so they can finance important infrastructure projects,” said Treasurer Sprague. “For three years, Jackson Center has utilized the program and we’re proud of the savings generated for the village. We look forward to continuing to support them as they navigate the municipal bond market.”
The OMAP credit enhancement allowed the Village of Jackson Center to achieve considerable interest cost savings. This is the village’s third year participating in the OMAP program and the original note was issued to finance the construction of a new electric substation that became operational in December 2019.
“Jackson Center was very excited to finance our substation project through the Ohio Treasurer’s OMAP program,” said Village Administrator Bruce Metz. “With the state’s high credit rating, our village is able to save our rate payers a substantial amount of funds. It is a great program to finance important infrastructure projects and I would recommend that other entities explore OMAP for their next projects.”
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 $3.69 million in 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.