Treasurer Sprague Announces OMAP Savings for the Village of Glenwillow

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Glenwillow (Cuyahoga County) enter the market and save an estimated $7,200 in interest costs. This issuance marks the first time the village has utilized OMAP to achieve savings.

“Ohio’s top credit rating continues to provide opportunities for the Treasurer’s office to help local governments achieve real savings when investing in critical infrastructure projects,” said Treasurer Sprague. “This deal is the first time the Village of Glenwillow has partnered with our office through OMAP, and we are honored to back the community’s efforts as they achieve more than $7,000 in total savings.”

The Village of Glenwillow’s notes were issued to fund the construction, equipping, furnishing, and other improvements associated with a new service center building.

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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