Treasurer Sprague Announces OMAP Savings for the City of Green

Treasurer Sprague Announces OMAP Savings for the City of Green

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Green (Summit County) enter the market and save an estimated $4,050 in interest costs. This issuance marks the first time the city has utilized OMAP to achieve savings.

"OMAP is an effective tool that assists local governments in reducing expenses and generating savings when funding community improvements," said Treasurer Sprague. "We're glad to see the City of Green taking advantage of this program for the first time as they finance important infrastructure upgrades."

Green's notes were issued to fund the Southwood Drive extension project.

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 375 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $7.8 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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