Treasurer Sprague, City of Fairborn Announce OMAP Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Fairborn (Greene County) enter the market and save an estimated $12,306.19 in interest costs over the next year. This issuance marks the first time that the city has utilized OMAP to achieve savings.
“In this challenging interest rate environment, OMAP continues to be a valuable tool for local governments making important investments in their communities,” said Treasurer Sprague. “We’re happy to welcome the City of Fairborn as our newest partner and help them achieve savings on borrowing costs.”
The OMAP credit enhancement will help the City of Fairborn achieve significant interest cost savings. The note was issued for various building and water system improvements.
“In this rising rate environment, the city was pleased to be able to participate in the Ohio Market Access Program and receive a lower rate with the credit enhancement,” said Fairborn Finance Director Annetta Williams. “The application and process went smoothly, and the program assisted us in being good stewards of the taxpayers’ money.”
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 260 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.7 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/.