Treasurer Sprague Announces Latest OMAP Savings for the City of Springfield

Treasurer Sprague Announces Latest OMAP Savings for the City of Springfield

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Springfield (Clark County) enter the market and save an estimated $4,635 in interest costs.

"Local governments throughout Ohio are continually seeking to enhance critical infrastructure and complete essential community projects. With a fluctuating interest rate environment, OMAP continues to be an invaluable resource for local governments looking to drive down borrowing costs," said Treasurer Sprague. "With this latest deal, the City of Springfield will bring their total savings through OMAP to nearly $140,000 since first partnering with our office in 2016."

The notes were issued to fund the construction of a new fire station for the city. This deal marks the seventh time the City of Springfield has leveraged OMAP, and the previous deals saved the city an estimated $135,361 in interest expenses. The most recent deal will save the city an estimated $4,635 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 325 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $6.3 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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