COLUMBUS, OH (MARION COUNTY NOW)—The Ohio Market Access Program (OMAP), administered by Ohio Treasurer Robert Sprague, has enabled the Village of Sycamore in Wyandot County to save an estimated $6,781 in interest costs.
“For a decade, OMAP has been helping Ohio’s local governments cut costs and save taxpayer money while supporting community investments and improvements,” said Treasurer Sprague. “The Village of Sycamore has now utilized this program three times, resulting in tens of thousands of dollars in savings.”
The original notes were issued to fund electric system upgrades in the village. This latest deal marks the third time Sycamore has leveraged OMAP, with previous deals saving the village an estimated $14,714 in interest expenses. The most recent deal is expected to save the village an additional $6,781 in interest costs.
OMAP is a credit enhancement program that leverages the state’s excess liquidity and high short-term credit rating to improve market access and lower borrowing rates for local governments. Since its 2014 launch, OMAP has supported over 325 deals, ranging from $365,000 to more than $100 million, with no defaults to date. The program 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 omap.ohio.gov.