Treasurer Sprague Announces Latest Round of OMAP Savings

Treasurer Sprague Announces Latest Round of OMAP Savings

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped three Ohio communities enter the market and save a combined total of $92,931 in interest costs.

"Through OMAP, our local governments have the power to leverage the state's high credit rating to drive down borrowing costs and save money," said Treasurer Sprague. "We're proud to continue our partnerships with the City of Huber Heights, the City of Parma Heights, and the City of Warrensville Heights to achieve meaningful savings."

City of Huber Heights (Miami & Montgomery Counties)

The city's notes were issued to fund a public works facility and various improvements such as city hall upgrades, governance center improvements, and fire station renovations. This is the second time the City of Huber Heights has participated in OMAP, and the previous deal saved the city an estimated $19,446 in interest costs. The most recent deal will save the city an estimated $37,646 in interest costs.

City of Parma Heights (Cuyahoga County)

The city's notes were issued to fund improvements to Kingsdale Boulevard, North Church Street and other streets in the city, and acquiring vehicles for the public service department. This issuance marks the eighth time the City of Parma Heights has utilized OMAP, and prior to 2026 the city had saved a total of $140,690 in interest expenses. The most recent deal will save the city $26,480 in interest costs.

City of Warrensville Heights (Cuyahoga County)

The city's notes were issued to fund the construction, furnishing and equipping of the city's municipal building, improvements to the recreation center, road, sanitary, and storm sewer improvements, and waterline improvements, which includes the Emery Woods project. The notes will also fund improvements to the city traffic control system and refunds for previously issued Certificates of Participation by the city. This issuance marks the third time the City of Warrensville Heights has utilized OMAP, and prior to 2026 the city had saved a total of $45,876 in interest expenses. The most recent deal will save the city $28,805 in interest costs.

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 415 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $8.9 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/.

###