Treasurer Sprague announces OMAP savings for the City of Forest Park
The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Forest Park (Hamilton County) enter the market and save an estimated $104,248.10 in interest costs.
“For a decade, OMAP has been helping Ohio’s local governments to drive down costs and save taxpayer dollars when pursuing investments and improvements in their communities,” said Sprague. “The City of Forest Park has long been a partner in OMAP, and the Treasurer’s office is proud to support the community in its continued efforts to achieve real and meaningful savings when financing important projects.”
The City of Forest Park utilized OMAP to issue a tax-exempt note and a taxable note to retire outstanding notes. The original notes were issued to finance acquisition of a building and land for economic development. These notes also funded various improvements to storm water systems, parks, streets, municipal buildings and fire stations, as well as fire and other equipment.
These issuances mark the ninth and 10th OMAP deals for the city, with the previous eight deals having saved the city an estimated $176,840.43 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 300 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $5.8 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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