Treasurer Sprague Announces 2024 OMAP Savings for the Village of Sycamore

Treasurer Sprague Announces 2024 OMAP Savings for the Village of Sycamore

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Sycamore (Wyandot County) enter the market and save an estimated $6,781 in interest costs.<_o3a_p>

"For a decade, OMAP has been helping Ohio's local governments cut costs and save taxpayer money while supporting community investments and improvements," said Treasurer Sprague. "The Village of Sycamore has now utilized this program three times, resulting in tens of thousands of dollars in savings."<_o3a_p>

The original notes were issued to fund electric system upgrades in the village. This deal marks the third time the Village of Sycamore has leveraged OMAP, and the previous deals saved the city an estimated $14,714 in interest expenses. The most recent deal will save the city an estimated $6,781 in interest costs.<_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 325 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $6.3 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>

###<_o3a_p>