Treasurer Sprague, Village of Walton Hills Announce 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 $7,790 in interest costs.
“As budgets across the state are tightening, the Ohio Market Access Program is a powerful tool for local governments,” said Treasurer Sprague. “Through OMAP, communities can benefit from the state’s high credit rating to finance important infrastructure projects while saving money on interest costs. We’re proud to have Walton Hills participate in this program for the fifth consecutive year.”
The OMAP credit enhancement allowed the Village of Walton Hills to achieve considerable interest cost savings. The original note was issued to finance the installation of traffic signals, road improvements, police and service vehicles, and the purchase of a building for the village.
“For several years in a row now, OMAP has allowed Walton Hills to take advantage of the state’s high credit rating to complete important projects at a lower cost,” said Walton Hills Fiscal Officer Angela Revay. “This has been a win-win for our residents and we encourage other communities to explore the program.”
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 190 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $3.76 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.