Treasurer Sprague Announces Latest Round of 2025 Savings Through OMAP This Week

Treasurer Sprague Announces Latest Round of 2025 Savings Through OMAP This Week

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped three Ohio communities enter the market and save a combined total of $29,497 in interest costs.

"For a decade, OMAP has helped Ohio's local governments to drive down interest costs and get the most out of their dollars when financing important projects," said Treasurer Sprague. "The City of Kirtland, the City of Delaware, and the Village of Monroeville have each used the program multiple times in recent years, and the Treasurer's office is proud to continue partnering with these communities to achieve meaningful savings."

City of Delaware (Delaware County)

Delaware's notes were issued to fund constructing, renovating, remodeling, furnishing, and equipping a fire station. This deal marks the third time the City of Delaware has leveraged OMAP, and the previous two deals saved the city an estimated $25,654 in interest expenses. This latest deal will save the city an estimated $10,471 in interest costs.

City of Kirtland (Lake County)

Kirtland's notes were issued to fund street and road improvements, vehicle acquisitions, equipment, and roof and HVAC system improvements. This deal marks the tenth time that the City of Kirtland has leveraged OMAP, and the previous nine deals saved the city an estimated $101,317 in interest expenses. This latest deal will save the city an estimated $18,049 in interest costs.

Village of Monroeville (Huron County)

The Village of Monroeville's notes were issued to fund improvements to the electric utility's distribution infrastructure. This deal marks the tenth time the Village of Monroeville has leveraged OMAP, and the previous nine deals saved the village an estimated $109,723 in interest expenses. This latest deal will save the village an estimated $977 in interest costs.

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 350 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $7.5 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/.

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