COLUMBUS, Ohio – The city of Youngstown will save an estimated $9,500 in interest costs through the Ohio Market Access Program, administered by Ohio Treasurer Robert Sprague.
The city’s notes were issued to continue to fund renovations to the City Hall Annex. The city has been an OMAP participant since 2016, and in 2024 it saved $30,450 in interest costs, a news release states.
“Through OMAP, local governments can take advantage of the Buckeye State’s high short-term credit rating to save on interest costs while making important improvements in their communities,” 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 2014 launch, the program has generated more than $8.9 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.