Treasurer Sprague Announces OMAP Savings for the City of Middletown

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Middletown (Butler County) enter the market and save an estimated $6,581 in interest costs.

“OMAP puts the state’s balance sheet to work for our local governments by helping them access lower interest costs as they complete important projects,” said Treasurer Sprague. “We’re glad to see Middletown return to OMAP, and we’re proud of the savings generated for the city.”

The City of Middletown’s notes were issued to fund various infrastructure improvement projects related to the Renaissance Arena District project including costs related to water mains, sanitary sewers, storm sewers, public roads and related curbs, as well as gutters, grading, and landscaping. This deal marks the second time the City of Middletown has utilized OMAP, and the previous deal saved the city an estimated $8,227 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 $7.7 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/.

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