COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Pioneer (Williams County) enter the market and save an estimated $7,479 in interest costs.
“For more than a decade, OMAP has been helping Ohio’s local governments to drive down costs and save taxpayer dollars when funding improvements in their communities,” said Treasurer Sprague. “We’re proud to continue our partnership with the Village of Pioneer and help them save a total of more than $166,000 in interest costs over the years.”
The village’s notes were issued to fund electric system upgrades. This issuance marks the sixth time the Village of Pioneer has utilized OMAP, and the previous deals saved the village an estimated $159,437. The most recent deal will save the village an estimated $7,479 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 430 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $9.2 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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