(From the Office of Ohio Secretary of State Robert Sprague)

The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Carey (Wyandot County) enter the market and save an estimated $1,972 in interest costs.

“OMAP is an effective tool that helps local governments reduce expenses and generate savings while funding improvements in their communities,” said Treasurer Sprague. “The Village of Carey has now utilized the program eight times, resulting in over $264,000 in savings.”

Carey’s notes were issued to fund major electric system improvements, including a new substation, transformer, and distribution feeders to serve a new school and industrial park, as well as the replacement of wooden poles with iron or steel poles. This issuance markes the eighth time the Village of Carey has utilized OMAP, and the previous seven deals saved the village an estimated $262,885 in interest expenses.The most recent deal will save the village an estimated $1,972 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 380 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $7.9 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/.