Treasurer Sprague, Village of Walton Hills Announce 2022 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 and save an estimated $5,000 in interest costs over the next year.
“OMAP is a helpful tool that enables local governments to utilize the state’s high credit and marketability to access lower borrowing costs,” said Treasurer Sprague. “We’re proud to partner with the Village of Walton Hills as they invest in public safety improvements for the community.”
The OMAP credit enhancement will help the Village of Walton Hills achieve significant interest cost savings. The note was issued to fund the installation of traffic signals, road improvements, police and service vehicles, and the acquisition of a municipal building. The Village of Walton Hills has been an OMAP participant since 2016 and the previous six deals have saved an estimated $33,265.40 in interest expenses.
“It is always a pleasure and a privilege to work with the Ohio Treasurer’s office when renewing our note each year,” said Walton Hills Fiscal Officer Angela Revay. “OMAP is truly an asset to a small government municipality like the Village of Walton Hills.”
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 $4.8 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/.