Treasurer Sprague, Village of Plain City Announce OMAP Deal Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Plain City to enter the market and save an estimated $22,500 in interest costs over the next year.
“Through OMAP, local governments can leverage the strength of Ohio’s balance sheet to lower borrowing costs when financing community projects,” said Sprague. “We’re proud to offer this valuable tool and support the Village of Plain City as they make these important investments.”
The OMAP credit enhancement allowed Plain City to achieve considerable interest cost savings. The note was issued to improve the village’s wastewater system and retire old notes used to finance prior village improvements. This is the first year the Village of Plain City has utilized OMAP.
“On behalf of the Village of Plain City, I could not be happier with the use of OMAP,” said Plain City Finance Director Renee Sonnett. “The program saved the village a significant amount of money as it provided investors additional comfort in purchasing our securities. OMAP is an exceptional tool to allow us to lower the cost of our interest, which ultimately reduces the costs to our taxpayers.”
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 245 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.7 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/.