City schools

The Ohio Market Access Program administered by Ohio Treasurer Robert Sprague has helped the Mason City School District enter the market to refinance outstanding debt and save approximately $13,930 in interest costs.

“Through the Ohio Market Access Program, local governments can benefit from the state’s high credit rating to finance important infrastructure projects and save on interest costs,” Sprague said. “The Mason City School District has utilized the program for the last two years, and we’re proud of the savings generated for the district. We look forward to continuing to support them as they navigate the municipal bond market.”

The OMAP credit enhancement allowed the Mason City School District to achieve considerable interest cost savings. This is the district’s second year participating in the OMAP program and the original note was issued to finance the construction and renovation of school facilities.

OMAP is a credit enhancement program that leverages the state’s excess liquidity and high shortterm credit rating to help improve market access and lower borrowing rates for local governments. Since its 2014 launch, OMAP has supported more than 180 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $3.7 million in savings for local governments.

Any government subdivision in good fiscal standing, including cities, villages, school districts, counties, townships, and special districts, issuing shortterm debt is eligible to participate. For more information, visit https://omap.ohio.gov/. CONTRIBUTED