Treasurer Sprague announces OMAP savings for the City of Wyoming
The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Wyoming (Hamilton County) enter the market and save an estimated $14,671 in interest costs. This issuance marks the first time the city has utilized OMAP to achieve savings.
“OMAP has solidified itself as a valuable resource for local governments, helping them to drive down costs and save money when pursuing necessary improvement projects in the community,” said Treasurer Sprague. “We’re proud to welcome the City of Wyoming as our newest OMAP partner, and we’re honored to back their efforts to make important upgrades while also achieving more than $14,000 in total savings.”
The OMAP credit enhancement will support the City of Wyoming’s efforts to drive down interest costs. The city’s notes were issued to finance the replacement of three separate water mains and to make a series of road and curb improvements throughout the city.
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 320 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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