Treasurer Sprague Announces 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 $4,290 in interest costs over the next year.
“Through OMAP, local governments have a powerful tool to help them finance important projects to enhance their communities, while saving money in the long-run,” said Treasurer Sprague. “OMAP puts the state’s high credit rating to work to reduce interest expenses for our local government partners. We’re proud to support Lake County as they navigate the municipal debt market.”
The OMAP credit enhancement allowed Lake County to achieve meaningful interest cost savings. The original notes were issued to finance the construction, furnishing, and improvement of a county administrative building. This issuance marks the fourth time that the county has utilized OMAP. The previous three deals have saved the county an estimated $42,425 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 220 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.2 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 $39 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.