Treasurer Sprague, Village of Monroeville Announce OMAP Deal Savings
COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Monroeville (Huron County) to refinance outstanding debt and save an estimated $9,592 in interest costs.
"By putting the state’s high credit rating to work for local governments, OMAP helps communities across Ohio stretch their dollars and lower their interest payments when financing infrastructure projects,” said Treasurer Sprague. “We’re proud of the great work made possible through OMAP, and we applaud the Village of Monroeville for continuing to take advantage of it.”
The OMAP credit enhancement allowed the Village of Monroeville to achieve meaningful interest cost savings. The original note was issued to finance improvements to the village’s electric utility distribution infrastructure. This is the village’s sixth consecutive year participating in the program.
“The Village of Monroeville is very pleased with the interest cost savings we will see as a result of the deal provided by OMAP,” said Monroeville Fiscal Officer Bonnie Beck. “Not unlike so many other municipalities, Monroeville is watching our budget very closely in light of the economic impact caused by the COVID-19 pandemic. We are grateful to the Ohio Treasurer’s office for the opportunity provided by this cost savings, allowing us more confidence to reach our economic goals.”
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 195 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $3.9 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.