Treasurer Sprague Announces OMAP Savings for the City of Montgomery

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Montgomery (Hamilton County) enter the market and save an estimated $8,227 in interest costs. This issuance marks the first time the city has utilized OMAP to achieve savings.

“Local governments across the Buckeye State are seeking ways to use public dollars responsibly while making essential infrastructure upgrades, and OMAP offers them a cost-saving option for financing these projects,” said Treasurer Sprague. “We’re glad to see the City of Montgomery taking part in this program for the first time to support roadwork and essential infrastructure upgrades.”

The City of Montgomery’s notes were issued to fund public infrastructure improvements, including the construction of new roads, curbs, sidewalks, and the installation of water mains, sewers, storm drains, and related constructs.

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 360 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $7.6 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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