City reports savings through OMAP refinancing

The Ohio Market Access Program administered by Ohio Treasurer Robert Sprague has helped Mayfield Heights refinance outstanding debt and save an estimated $3,000 in interest costs.

“We’re proud to support Mayfield Heights on this deal as they continue to make important investments in the city,” Sprague stated in a news release. “Through OMAP, local governments have a powerful tool to help them finance crucial infrastructure and economic development projects while saving money in the longrun.”

The original note was issued to Mayfield Heights for finance street improvements. This is the city’s fourth consecutive year participating in the program.

“Mayfield Heights is very grateful that OMAP was available for our use in this note issue,” said Finance Director Karen Fegan in the release.

“Having the state’s credit rating backing these notes saved the city interest costs, which allows us to focus more funds on improvements in the city. Mayfield Heights is grateful to the treasurer for providing this opportunity.”

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, the release stated.

Since its 2014 launch, OMAP has supported more than 195 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $3.8 million in estimated savings for local governments, the release stated.

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.