Order in Council 1162/2016

On the recommendation of the undersigned, the Lieutenant Governor of Ontario, by and with the advice and concurrence of the Executive Council of Ontario, orders that:

whereas the Ottawa Convention Centre Corporation (the “OCC”) requires a line of credit for operational purposes;

and whereas pursuant to section 28 of the Financial Administration Act, R.S.O. 1990, c. F. 12, as amended, the Minister of Finance has approved the borrowing from a financial institution for the line of credit subject to the terms and conditions attached thereto;

pursuant to sub-section 6(2)(e) of the Ottawa Convention Centre Corporation Act, R.S.O. 1990, c. O. 45, as amended, approval is hereby given, subject to the terms and conditions stipulated by the Minister of Finance to:

1. the borrowing by the OCC for operational purposes from time to time upon its own credit in an aggregate principal amount not to exceed Three Million Dollars ($3,000,000.00) in lawful money of Canada outstanding at any one time to be repaid in full no later than March 31, 2018; and
2. the charging or mortgaging by the OCC of all or any of its currently owned or subsequently acquired personal property to secure some or all of the borrowing contemplated in (a) above.