Treasurer Sprague Announces OMAP Savings for the City of Avon & the City of Youngstown

Treasurer Sprague Announces OMAP Savings for the City of Avon & the City of Youngstown

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Avon (Lorain County) and the City of Youngstown (Mahoning County) enter the market and save a combined total of $23,825 in interest costs.

"Through OMAP, local governments can take advantage of the Buckeye State's high short-term credit rating to save on interest costs while making important improvements in their communities," said Treasurer Sprague. "We're proud to continue our partnerships with the City of Avon and the City of Youngstown to achieve meaningful savings."

City of Avon (Lorain County)

The city's notes were issued to continue to fund street and sidewalk repairs and a new fire tower for the city's fire department. This issuance marks the fourth time Avon has utilized OMAP, and prior to 2026 the city had saved over $13,800 in interest expenses. The most recent deal will save the city $14,325 in interest costs.

City of Youngstown (Mahoning County)

The city's notes were issued to continue to fund renovations to the city hall annex building. The City of Youngstown has been an OMAP participant since 2016, and in 2024 the city saved $30,450 in interest costs. The most recent deal will save the city an estimated $9,500 in borrowing costs.

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 415 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $8.9 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/.

###