Treasurer Sprague Announces OMAP Savings for Monroe and Oberlin

Treasurer Sprague Announces OMAP Savings for Monroe and Oberlin

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 $46,729 in interest costs.

"OMAP helps Ohio's local governments invest in their communities and fund infrastructure projects by leveraging the state's high short-term credit rating," said Treasurer Sprague. "We're excited to welcome the City of Monroe as our newest OMAP partner, and we are proud to continue our partnership with the City of Oberlin to achieve meaningful savings."

City of Monroe (Butler County)

The city's notes were issued to fund real estate purchases and the construction of a public works building. This issuance marks the first time the city has utilized OMAP to achieve savings, and the deal will save the city an estimated $26,784 in interest costs.

City of Oberlin (Lorain County)

The city's notes were issued to continue to fund the construction of a new substation and required transmission lines. This issuance marks the second time the City of Oberlin has utilized OMAP, and the previous deal saved the city an estimated $13,961. The most recent deal will save the city an estimated $19,945 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 430 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $9.2 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/.

###