COLUMBUS, Ohio – The Ohio Market Access Program has helped Trumbull County enter the market and save approximately $22,561 in interest costs.
“By using the power of Ohio’s treasury, OMAP continues to improve market access for our local governments and drive down overall interest costs,” Ohio Treasurer Robert Sprague said in a news release. “We’re proud to continue our partnership with Trumbull County and to help them save more than $22,000 in borrowing costs.”
The county’s notes were issued to finance water mainline and sewer improvements in various county buildings, including the State Road water regionalization, Meadowbrook sanitary sewer, Prosperity water line and Elm Road water projects, as well as elevator replacements in the County Administration Building.
This deal marks the second time the county has leveraged OMAP. The previous deal saved the county approximately $54,355 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 launch in 2014, OMAP has supported more than 345 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date OMAP has generated more than $7.4 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, click HERE.