Treasurer Sprague Announces OMAP Savings for the Village of Newton Falls
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Newton Falls enter the market to refinance outstanding debt and save an estimated $4,550 in interest costs over the next year.
“With inflation at a 40-year high and interest rates on the rise, communities should explore every avenue for saving taxpayer dollars,” said Treasurer Sprague. “OMAP is a powerful tool that puts the state’s strong balance sheet to work for our local government partners, lowering their interest costs when financing projects like upgrading electricity infrastructure. We’re proud to partner with the Village of Newton Falls as they make these important investments.”
The OMAP credit enhancement allowed the Village of Newton Falls to achieve meaningful interest cost savings. The original note was issued to finance electric system improvements. This issuance marks the seventh time that the village has utilized OMAP. The previous six deals have saved the city an estimated $61,347.50 in interest expenses.
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 235 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.4 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/.
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $39 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.