Pioneer enters state program | Local news
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Pioneer enter the market and saved an estimated $ 27,650 in interest charges over the next year.
“With OMAP, communities can take advantage of the state’s strong credit rating to generate significant savings on interest charges when financing major projects,” said Sprague. âThe program continues to help communities maximize their money and we are proud to partner with the village as it enters the municipal debt market.
The OMAP credit enhancement has enabled the Village of Pioneer to achieve significant savings on interest charges. The proceeds from this issue will be used to finance the construction of a new substation and associated infrastructure. This post marks the first time that Pioneer has used OMAP.
âBy using OMAP, the village of Pioneer will achieve significant interest savings in 2022, which will ultimately benefit the village’s electricity customers,â said village administrator Al Fiser.
OMAP is a credit enhancement program that takes advantage of the state’s excess liquidity and short-term high credit rating to help improve market access and reduce borrowing rates for local governments. Since its launch in 2014, OMAP has supported more than 220 transactions, ranging from $ 390,000 to over $ 100 million. There have been no defaults and to date OMAP has generated over $ 4.2 million in estimated savings for local governments.
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