State Program to Save Youngstown $20K on Interest Payments
COLUMBUS, Ohio – The city of Youngstown will save an estimated $20,288 in interest costs over the next year through the Ohio Market Access Program, administered by Ohio Treasurer Robert Sprague.
The original note was issued to finance renovations to the City Hall Annex Building. This issuance is the ninth time that the city has used OMAP to achieve savings. The previous eight deals have saved the city an estimated $368,219.67 in interest expenses, according to a news release.
“We’re proud to continue this ongoing partnership with the community, and it’s always great to see local governments across Ohio turning to OMAP to take advantage of reduced borrowing costs when completing important infrastructure projects,” Sprague said.
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 275 deals, ranging from $365,000 to over $100 million. There have been no defaults and, to date, OMAP has generated approximately $5 million in estimated savings for local governments, the release states.
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. More information is available HERE.
Published by The Business Journal, Youngstown, Ohio.