Treasurer Sprague Announces 2023 OMAP Savings for Lake County
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped Lake County enter the market to refinance outstanding debt and save an estimated $3,900 in interest costs over the next year.
“OMAP is a great tool for local governments to make improvements to their communities while using the state’s high credit rating to save money on borrowing costs,” said Treasurer Sprague. “We’re happy to continue partnering with Lake County to achieve meaningful savings for the community.”
The OMAP credit enhancement will help Lake County achieve significant interest cost savings. The original note was issued to fund the costs of constructing, equipping, furnishing, and otherwise improving a county administration building. Lake County first utilized OMAP in 2017 and four previous deals have saved an estimated $70,120 in interest expenses.
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 255 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.7 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/.