Treasurer Sprague Announces OMAP Deal Savings for the Village of Jackson Center
COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Jackson Center (Shelby County) enter the market to refinance outstanding debt and save an estimated $15,128 in interest costs over the next year.
“When local governments want to save money while financing infrastructure improvements, they turn to OMAP,” said Treasurer Sprague. “By utilizing OMAP, the village benefits from the state’s high credit rating that lowers their interest costs on the project. We’re proud of the ongoing savings generated for Jackson Center as they invest in their electrical infrastructure.”
The OMAP credit enhancement allowed the Village of Jackson Center to achieve meaningful interest cost savings. The original notes were issued to finance the construction of a new electric substation. This issuance marks the fourth time the Village of Jackson Center has utilized OMAP. The previous three deals have saved the village an estimated $50,285 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 210 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.1 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/.
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $29 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.