Treasurer Sprague announces Ohio Market Access Program savings for EHOVE Career Center

The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the EHOVE Career Center — for Erie and Huron counties — enter the market and save an estimated $14,958 in interest costs, according to a news release.

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This issuance marks the first time the career center has utilized the Ohio Market Access Program to achieve savings, the release said.

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“(The Ohio Market Access Program) is helping our local communities to obtain more competitive interest rates and achieve meaningful cost savings,” said Sprague in the release. “We’re proud to welcome the EHOVE Career Center as our newest (Ohio Market Access Program) partner, and we’re honored to back their efforts to make important upgrades while also achieving nearly $15,000 in total savings.”

The EHOVE Career Center’s notes were issued to finance the construction, renovation, remodeling, furnishing, equipping and overall enhancement of joint vocational school district buildings, according to the release.

The Market Access Program 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 release said.

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Since its 2014 launch, the Market Access Program has supported more than 335 deals, ranging from $365,000 to over $100 million, according to the release.

There have been no defaults, and to date, the Market Access Program has generated more than $6.7 million in estimated savings for local governments, the release said.

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, the release said.

For more information, visit https://omap.ohio.gov/.