Treasurer Sprague Announces OMAP Savings for the City of Solon

Treasurer Sprague Announces OMAP Savings for the City of Solon

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Solon (Cuyahoga County) enter the market and save an estimated $56,796 in interest costs. This issuance marks the first time the city has utilized OMAP to achieve savings.

"Over the years, OMAP has assisted Ohio's local governments by leveraging the state's strong credit rating to drive down interest costs and save taxpayer dollars on major improvement projects," said Treasurer Sprague. "We are excited to welcome the City of Solon as our newest OMAP partner and are proud to support their efforts to make important improvements while saving more than $56,000."

Solon's notes were issued to fund construction, reconstruction, renovation, installation, and other improvements to recreational facilities and areas in Solon, including the Solon Community Park. This issuance will also pay for the costs of acquiring real and personal property in the City, which will be improved and prepared for recreational and public use, including the Norfolk Southern Headwaters Connector Trail.

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 380 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $7.9 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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