Treasurer Sprague Announces OMAP Savings for the City of Oberlin

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Oberlin (Lorain County) enter the market and save an estimated $13,961 in interest costs. This issuance marks the first time the city has utilized OMAP to achieve savings.

“Through OMAP, we’re putting Ohio’s balance sheet to work for our local governments,” said Treasurer Sprague. “Communities across the state are always working to make important improvements and updates, but such projects can be costly. Through this deal, we’ve helped the City of Oberlin reduce borrowing costs and increase savings as they invest in critical infrastructure.”

Oberlin’s notes were issued to fund the construction of a new substation and required transmission lines.

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 375 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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