Treasurer Sprague, Village of Pioneer Announce OMAP Deal Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Pioneer (Williams County) enter the market and save an estimated $27,650 in interest costs over the next year.
“Through OMAP, communities can leverage the state’s strong credit rating to generate significant savings on interest costs when financing important projects,” said Treasurer Sprague. “The program continues to help communities stretch their dollars and we’re proud to partner with the village as they enter the municipal debt market.”
The OMAP credit enhancement allowed the Village of Pioneer to achieve meaningful interest cost savings. The proceeds from this issuance will be used to finance the construction of a new electrical substation and related infrastructure. This issuance marks the first time that Pioneer has utilized OMAP.
“By utilizing OMAP, the Village of Pioneer will see significant interest savings in 2022, which will ultimately benefit the village’s electric customers,” said village administrator Al Fiser.
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 220 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.2 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.