Treasurer Sprague Announces Latest Round of OMAP Savings in 2026

Treasurer Sprague Announces Latest Round of OMAP Savings in 2026

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Kirtland (Lake County) and the Village of Grafton (Lorain County) enter the market and save a combined total of $28,600 in interest costs.

"Investing in the Buckeye State's local governments is essential for our growth and success. OMAP allows local communities to leverage Ohio's high short-term credit rating and borrow at a lower cost for infrastructure projects," said Treasurer Sprague. "We're proud to continue our partnerships with the City of Kirtland and the Village of Grafton to help them achieve meaningful savings."

City of Kirtland (Lake County)

The city's notes were issued to continue to finance street improvements. This issuance marks the eleventh time the City of Kirtland has utilized OMAP, and the previous deals saved the city an estimated $119,366 over the last decade. The most recent deal will save the city an estimated $21,500 in interest costs.

Village of Grafton (Lorain County)

The village's notes were issued to continue to finance upgrades and expansions to the village's main substation, to increase the number of distribution circuit exits from the main substation, and to convert distribution lines from 4kV to 12kV. This issuance marks the sixth time the Village of Grafton has utilized OMAP, and the previous deals saved the village an estimated $142,339 in borrowing costs. The most recent deal will save the village an estimated $7,100 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 400 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $8.5 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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