Treasurer Sprague, City of Gahanna Announce OMAP Deal Savings

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Gahanna (Franklin County) enter the market and save an estimated $42,500 in interest costs over the next year.

“By using the state’s credit to improve market access and reduce borrowing costs, OMAP brings meaningful savings to local governments across the state,” said Treasurer Sprague. “We’re proud to partner with the City of Gahanna as they invest in important public safety improvements for the city.”

The OMAP credit enhancement will help the City of Gahanna achieve significant interest cost savings. The note was issued to finance improvements to municipal facilities, including constructing, renovating, and improving additional public safety facilities for police department operations. This issuance marks the first time that the City of Gahanna has utilized OMAP.

“Applying for the Ohio Market Access Program was easy and efficient,” said Joann Bury, the City of Gahanna’s Director of Finance. “The city was able to obtain the state’s high credit rating under the program, as intended on the $8.5 million of bond anticipation notes that will be used for the purchase of a new facility.”

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 245 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.8 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