Treasurer Sprague: Pataskala, Hamilton helped with latest round of savings through OMAP in 2024
The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped two Ohio communities enter the market and save a combined total of $251,833 in interest costs.
“The OMAP credit enhancement unlocks lower interest rates for local municipalities so they can make important community improvements at a reduced cost,” said Treasurer Sprague. “We’re proud to partner with the cities of Pataskala and Hamilton to assist them in driving down costs and achieving meaningful savings.”
City of Pataskala (Licking County)
Pataskala’s notes were issued to fund improvements on a water treatment plant and facility repairs in the city. This issuance marks the first time the city has utilized OMAP to achieve savings.
The deal is expected to save the city an estimated $6,930 in interest costs.
City of Hamilton (Butler County)
The City of Hamilton’s notes were issued to fund acquiring, constructing, and equipping a criminal justice complex, building a water tower, improving city roadways, stormwater and wastewater systems (including obsolete sewer infrastructure), repairing the RiversEdge Amphitheater roof and upgrading gas and water mains.
This deal marks the fourth time the City of Hamilton has leveraged OMAP, and the previous three deals saved the city an estimated $616,507 in interest expenses. This latest deal will save the city an estimated $244,902 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 335 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $6.7 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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