Treasurer Sprague Announces Latest Round of 2025 OMAP Savings

Treasurer Sprague Announces Latest Round of 2025 OMAP Savings

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped four Ohio communities enter the market and save a combined total of $184,556 in interest costs.

"The OMAP credit enhancement unlocks lower interest rates for local municipalities so they can make important improvements in their communities at a reduced cost" said Treasurer Sprague. "We are excited to welcome Muskingum County as our newest OMAP partner, as well as continue our partnerships with the City of Martins Ferry, the City of Hamilton, and the City of Pataskala to achieve meaningful savings."

City of Martins Ferry (Belmont County)

The city's notes were issued to continue to fund the costs of water well upgrades, water plant upgrades, pumping station upgrades, and other related costs and improvements of motors, pumps, controls, generators, filtration screens, transfer switches, electrical upgrades, computer control systems, and more. This issuance marks the second time the City of Martins Ferry has utilized OMAP, and the previous deal saved the city an estimated $18,100 in interest expenses. The most recent deal will save the city an estimated $17,352 in interest costs.

Muskingum County

The OMAP credit enhancement will support Muskingum County's efforts to drive down interest costs. Muskingum's notes were issued to fund the acquisition, construction, and installation of a correctional facility and county jail, including design and engineering costs. This deal will save the county an estimated $71,304 in interest expenses.

City of Hamilton (Butler County)

The city's notes were issued to continue to fund the acquisition, construction, and equipping of a criminal justice complex and related improvements within the city. It will also fund the construction of a water tower and related improvements, capital improvements to roadways within the city, improvements for the city's stormwater and wastewater systems, improvements to RiversEdge Amphitheater, including roof repairs, and gas and water main improvements. This issuance marks the fifth time the City of Hamilton has utilized OMAP, and the previous four deals saved the city $861,410 in interest expenses. The most recent deal will save the city an estimated $83,425 in interest costs.

City of Pataskala (Licking County)

The city's notes were issued to fund improvements on a water treatment plant, as well as facility repairs. This issuance marks the second time the City of Pataskala has utilized OMAP, and the previous deal saved the city an estimated $6,930 in interest costs. The most recent deal will save the city an estimated $12,475 in interest expenses.

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 $8.0 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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