City expects to save $47K in interest

The Ohio Market Access Program (OMAP) has helped the City of West Carrollton enter the market to refinance outstanding debt and save an estimated $47,200 in interest costs over the next year.

The program is administered by Ohio Treasurer Robert Sprague

“By participating in OMAP, local governments benefit from lower borrowing costs, strengthened credit quality, and improved marketability,” said Sprague. “We’re proud to have West Carrollton as a longstanding partner with the program and look forward to helping more local governments achieve cost savings in the future.”

The OMAP credit enhancement allowed the City of West Carrollton to achieve interest cost savings. The original notes were issued for local economic development projects. This issuance marks the sixth time that the city has utilized OMAP. The previous five deals have saved the city an estimated $124,792 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 230 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.3 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.