State Treasurer Announces Elyria, North Olmsted Saved Thousands Through Ohio Market Access Program

The Ohio Market Access Program, administered by Ohio Treasurer Robert Sprague, has helped five communities, including the cities of Elyria and North Olmsted, enter the market and save a combined $155,223 in interest costs, according to a news release.

“(Ohio’s Market Access Program) continues to be a reliable and driving force in helping our communities reduce interest costs when financing major improvement projects,” Sprague said in the release. “Time and again over the past decade, the program has helped our local governments leverage the state’s strong credit rating and realize significant savings.”

“This week, we are proud to welcome two new and three returning partners and announce savings ranging from $2,835 to over $115,000 in each community.”

The original City of Elyria notes were issued to fund construction of the Chestnut Commons Connector project and to purchase a pumper truck and equipment for the local fire department, the release said.

Elyria has now used Ohio’s Market Access program nine times, and the previous eight agreements have saved the city approximately $74,144 in interest costs, the statement said.

According to the release, this most recent agreement saved the city approximately $2,835 in interest costs.

The North Olmsted City notes were issued to fund energy conservation measures in city buildings and facilities, the release said.

The agreement marks the first time the city has participated in Ohio’s Market Access Program and is expected to save approximately $21,150 in interest costs, according to the release.

Ohio’s 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 reduce borrowing rates for local governments, the release said.

Since its launch in 2014, the Ohio Market Access Program has supported more than 310 transactions, ranging from $365,000 to more than $100 million, according to the release.

There have been no defaults, and to date, Ohio’s Market Access Program has generated more than $6.1 million in estimated savings for local governments, the release said.

Any governmental subdivision in good financial standing, including cities, towns, school districts, counties, townships and special districts, issuing short-term debt is eligible to participate.