(From the Ohio Treasurer of State)

The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Sycamore (Wyandot County) enter the market to refinance outstanding debt and save an estimated $6,884.93 in interest costs.

“OMAP is designed to help lower borrowing costs for local governments by using the state’s high credit rating to improve market access,” said Treasurer Sprague. “We’re happy to partner with the Village of Sycamore for a second time to help the community save money as it makes critical upgrades to the village’s electric system.”

The OMAP credit enhancement will assist the Village of Sycamore to achieve meaningful savings on interest costs. The original note was issued to finance electric system upgrades, including reconductoring existing lines, installing new switches, and reconfiguring feeders to balance load. This issuance marks the second time that the village has utilized OMAP to achieve savings. The previous deal saved the village an estimated $6,108.22 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 285 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $5.3 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/.