Treasurer Sprague Announces Most Recent Round of 2025 OMAP Savings This Week

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped three Ohio communities enter the market and save a combined total of $83,712 in interest costs. 

“Through OMAP, our local governments have the power to leverage the state’s high credit rating to drive down borrowing costs and save money,” said Treasurer Sprague.“We’re proud to partner once again with the City of Warrensville Heights, the City of Parma Heights, and the City of North Olmsted to assist them in achieving meaningful savings.”

City of Warrensville Heights (Cuyahoga County)

Warrensville Heights’ notes were issued to fund the construction, furnishing, and equipping of the City’s Municipal Building, recreation center upgrades, road, sewer, and waterline improvements under the Emery Woods Project, traffic signal enhancements on Richmond Road, and to refund prior Certificates of Participation. Prior to this year, OMAP has saved the city an estimated $2,460 in interest expenses. This latest deal will save the city an estimated $43,416 in interest costs.

City of Parma Heights (Cuyahoga County)

Parma Heights’ notes were issued to fund improvements to Kingsdale Boulevard, North Church Street, and other city streets, as well as to acquire vehicles for the public service department. The City of Parma Heights has utilized OMAP five times since 2015, and the previous four deals have saved the city an estimated $121,144 in interest expenses. This latest deal will save the city an estimated $19,546 in interest costs.

City of North Olmsted (Cuyahoga County)

North Olmsted’s notes were issued to fund the acquisition and instillation of energy conversion measures in the City building and facilities, as well as improvements to City recreational facilities and a fire station. The city’s previous OMAP deal saved the city an estimated $21,150 in interest expenses. This latest deal will save the city an estimated $20,750 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 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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