State Helps Hubbard Refinance Debt from Electric Infrastructure Upgrades

COLUMBUS, Ohio – The city of Hubbard will save more than $4,500 in interest costs by refinancing debt through a state program.

The city worked with the Ohio Market Access Program, which is administered by Ohio Treasurer Robert Sprague. The credit enhancement program leverages the state’s excess liquidity and high short-term credit rating to help improve market access and lower borrowing rates for local governments.

“It’s a powerful tool for local governments to save money while they finance critical infrastructure projects,” Sprague said in a statement. “We’re proud to put the state’s high credit rating to work for the city of Hubbard.”

The original note was issued to finance improvements to Hubbard’s electric system infrastructure, including the purchase and installation of three diesel-fired generating units.

Hubbard has participated in the Ohio Market Access Program for four consecutive years, Sprague said.

Since its 2014 launch, the program has supported more than 190 deals, ranging from $390,000 to $100 million, Sprague said, generating more than $3.8 million in savings for local governments.

Copyright 2022 The Business Journal, Youngstown, Ohio.