Treasurer Sprague Announces OMAP Savings for the City of North Olmsted

Treasurer Sprague Announces OMAP Savings for the City of North Olmsted

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of North Olmsted (Cuyahoga County) enter the market and save an estimated $45,300 in interest costs.

"The OMAP credit enhancement unlocks lower interest rates for local municipalities so they can make important community improvements at a reduced cost," said Treasurer Sprague. "We're proud to continue our partnership with the City of North Olmsted and help them save more than $87,000 on borrowing costs."

The city's notes were issued to continue to fund the acquisition and instillation of energy conversion measures in the city building and facilities, as well as improvements to city recreational facilities and a fire station. This issuance marks the third time the City of North Olmsted has utilized OMAP, and prior to 2026 the city had saved a total of $41,900 in interest expenses. The most recent deal will save the city $45,300 in interest 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/.

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