Treasurer Sprague Announces OMAP Savings for the City of Rocky River

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Rocky River (Cuyahoga County) enter the market and save an estimated $25,000 in interest costs. This issuance marks the first time the city has utilized OMAP to achieve savings. The city’s notes were issued to fund improvements to the fire station.

“Over the years, OMAP has assisted Ohio’s local governments by leveraging the state’s strong credit rating to drive down interest costs and save taxpayer dollars on major improvement projects,” said Treasurer Sprague. “We are excited to welcome the City of Rocky River as our newest OMAP partner and are proud to support their efforts to make important improvements while saving $25,000.”

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 390 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $8.3 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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