Treasurer Sprague Announces Round of July OMAP Savings

Treasurer Sprague Announces Round of July OMAP Savings

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped two Ohio communities enter the market and save a combined total of $17,172 in interest costs.

"OMAP provides local governments around Ohio a way to fund improvements in their communities at a lower cost while being responsible with public dollars," said Treasurer Sprague. "We're proud to continue our partnerships with the City of Richmond Heights and the Village of Granville to achieve meaningful savings."

City of Richmond Heights (Cuyahoga County)

The city's notes were issued to continue to fund road and street improvements. This issuance marks the second time the City of Richmond Heights has utilized OMAP, and in 2025 the OMAP credit enhancement saved the city an estimated $41,827 in borrowing costs. The most recent deal will save the city an estimated $2,962 in interest costs.

Village of Granville (Licking County)

Granville's notes were issued to continue to fund the village service center and water improvements. This is the seventh time the Village of Granville has participated in OMAP, and in 2025 the village saved an estimated $17,188 in interest costs. The most recent deal will save the village an estimated $14,210 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 425 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $9.1 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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