Treasurer Sprague Announces OMAP Savings for the City of Wilmington

Treasurer Sprague Announces OMAP Savings for the City of Wilmington

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Wilmington (Clinton County) enter the market and save an estimated $1,645 in interest costs. This issuance marks the first time the city has utilized OMAP to achieve savings.

"The Ohio Market Access Program puts the state's excess liquidity and high credit rating to work for our local governments," said Treasurer Sprague. "We're pleased to see new communities taking advantage of the program and we welcome the City of Wilmington as our newest OMAP partner."

The City of Wilmington's notes were issued to fund the construction of an expansion area for the city's landfill facility.

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 355 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $7.5 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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