State Program Helping Governments Save Money

The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague, of Findlay, has helped the Village of Carey enter the market to refinance outstanding debt and save an estimated $27,475 in interest costs over the next year.

“OMAP has become an increasingly popular and valuable tool for local governments looking to save money when financing improvement projects in their communities,” said Treasurer Sprague.

“This is the fourth consecutive year that the Village of Carey has taken advantage of the program, and we’re proud to partner with them as they continue to make important investments.”

He says the OMAP credit enhancement allowed the Village of Carey to achieve meaningful interest cost savings.

The original notes were issued to fund improvements to the village’s electrical system infrastructure, including the construction of new distribution lines to serve a school and industrial park.

This issuance marks the fourth time the Village of Carey has utilized OMAP. The previous three deals have saved the village an estimated $134,865 in interest expenses.

“The Village of Carey is excited to be able to continue to participate in the Ohio Market Access Program and allow the village to continue see the savings for another year,” said Carey Administrator Nathan Curtis.

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 220 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.

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