Treasurer Sprague, Union Township Announce 2021 OMAP Deal Savings
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped Union Township (Clermont County) enter the market to refinance outstanding debt and save an estimated $18,240 in interest costs over the next year.
“With OMAP, local governments can stretch their dollars and lower costs when financing important projects like fire station, road, and park improvements,” said Treasurer Sprague. “We’re proud to partner with Union Township on this deal, and we look forward to working with more communities to lower their interest expenses and help them navigate the municipal debt market.”
The OMAP credit enhancement allowed Union Township to achieve meaningful interest cost savings. The original notes were issued to refund previous issuances that financed improvements to the township’s parks, fire stations, and roads. This issuance marks the fourth time that Union Township has utilized OMAP. The previous three deals saved the township an estimated $75,770 in interest expenses.
“By using OMAP to refinance existing debt, Union Township has saved tens of thousands of dollars over the last several years in interest costs,” said Union Township Administrator Ken Geis. “I encourage other communities to consider OMAP when looking at financing options.”
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 210 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.1 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 $29 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.