Treasurer Sprague Announces 2025 OMAP Savings for the City of Avon

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Avon (Lorain County) enter the market and save an estimated $8,325 in interest costs.

“OMAP is designed to help lower borrowing costs for local governments by using the state’s high credit rating to improve market access,” said Treasurer Sprague. “We’re happy to partner with the City of Avon for a third time to help the community save money as it makes critical upgrades to the city’s infrastructure, including roads, sidewalks, and fire safety.”

The City of Avon’s notes were issued to fund street and sidewalk repairs, and a new fire tower for the City’s Fire Department. This year marks the third year the City of Avon has utilized OMAP, and the previous two deals saved the city an estimated $5,476 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 365 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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