Treasurer Sprague Announces OMAP Savings for the Village of Pioneer in 2025

Treasurer Sprague Announces OMAP Savings for the Village of Pioneer in 2025

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Pioneer (Williams County) enter the market and save an estimated $4,986 in interest costs. "OMAP is an effective tool that assists local governments in reducing expenses and generating savings when funding community improvements," said Treasurer Sprague. "We're proud to continue our partnership with the Village of Pioneer and help them save a total of more than $159,000 in interest costs over the years." Pioneer's notes were issued to fund the construction of a new electric substation and related equipment necessary for the project. This issuance marks the fifth time the Village of Pioneer has utilized OMAP, and the previous four deals saved the village an estimated $154,451 in interest expenses. The most recent deal will save the village an estimated $4,986 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 380 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $7.9 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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