Treasurer Sprague, Village of Walton Hills Announce 2021 OMAP Deal Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Walton Hills (Cuyahoga County) enter the market to refinance outstanding debt and save an estimated $5,350 in interest costs over the next year.
“OMAP has a proven track record in helping local governments save money when investing in infrastructure projects and other improvements,” said Treasurer Sprague. “We’re proud to partner with the Village of Walton Hills for the sixth consecutive year and support their efforts.”
The OMAP credit enhancement allowed the Village of Walton Hills to achieve meaningful interest cost savings. The original notes were issued to finance installation of traffic signals, the construction of road improvements, acquisition of police and service vehicles, and the acquisition of a building for municipal purposes. This issuance marks the sixth time the Village of Walton Hills has utilized OMAP. The previous five deals have saved the village an estimated $27,860 in interest expenses.
“The Village of Walton Hills is fortunate and grateful to be able to utilize the OMAP program each year when seeking to re-fund our current notes and/or take new money notes,” said Village of Walton Hills Fiscal Officer/Tax Administrator Angela Revay.
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 210 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.1 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.