Treasurer Sprague, Union Township Announce 2022 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 $42,980 in interest costs over the next year.
“OMAP plays a key role in helping local governments across Ohio to finance and save money on important community projects,” said Sprague. “We’re proud to once again partner with Union Township as they continue to invest in fire station, road, and park improvements.”
The OMAP credit enhancement will help Union Township achieve meaningful interest cost savings. The original notes were issued to finance improvements to the township’s parks, fire stations, and roads. This issuance marks the fifth time that Union Township has utilized OMAP. The previous four deals saved the township an estimated $94,010 in interest expenses.
“Union Township is pleased to be able to participate in the Ohio Treasurer’s OMAP program,” said Union Township Administrator Susan Ayers. “Through this program, the Township is able to refinance ongoing debt for the township quickly and efficiently. This partnership helps Union Township work in a manner that saves time and money for our citizens.”
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 240 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/.
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.