Treasurer Sprague Announces OMAP Savings for the City of Richmond Heights

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Richmond Heights (Cuyahoga County) enter the market and save an estimated $41,827 in interest costs. This issuance marks the first time the city has utilized OMAP to achieve savings.

“Local governments across Ohio are using OMAP to finance important infrastructure projects and save money on interest costs,” said Treasurer Sprague. “We’re putting the state’s high credit rating to work for our local government partners, and we’re proud to have the City of Richmond Heights participate in this program.”

Richmond Heights’ notes were issued to fund road and street improvements in the city.

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 370 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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