Treasurer Sprague Announces OMAP Savings for the Village of Monroeville

Treasurer Sprague Announces OMAP Savings for the Village of Monroeville

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Monroeville (Huron County) enter the market and save an estimated $6,382.47 in interest costs.<_o3a_p>

"OMAP has become a powerful tool in helping local governments drive down costs and achieve savings when financing community improvements," said Treasurer Sprague. "This latest deal marks the ninth time the Village of Monroeville has utilized the program, and we're proud to continue this partnership as the community makes important upgrades to its critical infrastructure."<_o3a_p>

The original note was issued to finance upgrades to the village's electrical distribution infrastructure. Since 2016, the Village of Monroeville has leveraged OMAP nine times to achieve approximately $110,000 in total savings.<_o3a_p>

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 295 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $5.6 million in estimated savings for local governments.<_o3a_p>

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/.<_o3a_p>

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