How it Works

Through the Ohio Market Access Program ("OMAP"), the Treasurer's Office serves as a standby purchaser for short terms notes issued by, or on behalf of, Ohio political subdivisions.

In order to participate in OMAP, an Ohio local government (or a member of its preferred financing team) must follow four simple steps:

STEP 1:  In advance of a planned note sale, submit the OMAP Application Form to the Treasurer’s office along with financial statements and other pertinent credit information, in addition to relevant authorizing documentation.    

STEP 2: If approved, the political subdivision must enter into a standby note purchase agreement with the Treasurer and a paying agent.  This agreement requires the Treasurer to purchase renewal notes from the political subdivision if, for any reason, a political subdivision is unable to issue new debt or otherwise retire the notes at maturity.  The purchase of the renewal notes by the Treasurer will permit the issuing subdivision to repay the original notes issued under OMAP.  If the political subdivision cannot issue renewal notes, the Treasurer will purchase the original notes issued through OMAP at a price of par plus accrued interest through stated maturity. 

STEP 3:  The Treasurer forwards the application materials and the standby note purchase agreement to Standard & Poor’s for a streamlined analysis of the political subdivision’s application and agreement to confirm that all essential program elements are met.  Upon confirmation from Standard & Poor’s, the political subdivision receives a rating for its notes issued through OMAP. 

STEP 4: The issuer and underwriting team sells their note to the market with OMAP credit enhancement.

Ready to sign up?

Complete your Application