Treasurer Sprague announces OMAP savings for the Bedford City School District

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Bedford City School District (Cuyahoga County) enter the market and save an estimated $400,000-$500,000 in interest costs.

“The Bedford City School District is taking full advantage of what OMAP can offer to local entities and stretching their dollars further,” said Treasurer Sprague. “We’re happy to welcome them back as a partner for the second time as the district achieves a tremendous amount of savings with this most recent deal.”

The school district’s notes were issued to finance various construction and building improvement projects involving two new elementary schools, a new middle school, a new high school, and a career technical school. This deal marks the second time the Bedford City School district has leveraged OMAP, and the previous deal saved the school district an estimated $30,000 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 2014 launch, OMAP has supported more than 340 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $7.3 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.  Visit this website for more details- https://omap.ohio.gov/

See the official release here