Ohio treasurer, Belmont County announce OMAP deal savings

Staff Report

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped Belmont County enter the market to refinance outstanding debt and save an estimated $12,555 in interest costs.

“The Ohio Market Access Program puts the state’s high credit rating to work for our local governments so they can finance important infrastructure projects,” said Treasurer Sprague. “We’re proud to have a new partner in Belmont County, and we look forward to continuing to support them as they navigate the municipal bond market.”

The OMAP credit enhancement allowed Belmont County to achieve considerable interest cost savings. This is the county’s first year participating in OMAP, and the original note was issued to finance road improvements and renovations to county buildings.

“Given times of market disruptions and uncertainty, OMAP allowed Belmont County to have certainty when they brought the bond anticipation notes renewal to the market. The professionalism and attention to financing deadlines made utilizing the program very seamless. The program was perfect for our situation,” said Belmont County Auditor Anthony Rocchio.

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 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 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/.

Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $20 billion investment and $10 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.