GREENE COUNTY & BUTLER COUNTY — An area city and local school district have utilized a state program to help save money on interest costs, according to a spokesperson from Ohio Treasurer Robert Sprague’s office.
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The Ohio Market Access Program (OMAP) is helping the City of Hamilton and the Yellow Springs Exempted Village School District save money on upcoming projects.
“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,” the spokesperson said.
The school district is set to save an estimated $10,541 in interest expenses.
Its note will be used to finance renovations and improvements to school facilities, the spokesperson said. This is the first time Yellow Springs Exempted Village School District has used this program.
In Butler County, the City of Hamilton saved an estimated $132,925 in interest expenses.
This note helped with several projects including the acquisition and construction of a criminal justice complex, improved stormwater and wastewater systems, the RiversEdge Amphitheater, and gas and water main lines, the spokesperson said.
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This is the second time the city utilized the program. It previously saved about $198,075 in interest expenses.
OMAP launched in 2014, and since then it has supported more than 290 deals across Ohio, the spokesperson said.
The program has saved local governments more than $5.5 million.
Any government subdivisions 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/.
“OMAP unlocks the power of Ohio’s Treasury to help communities save big on borrowing costs,” said Sprague. “Through the program, local governments and school districts are leveraging the state’s high short-term credit rating to lower their interest rates as they finance important community improvement projects.”
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