Order in Council 1164/2016

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 pursuant to the provisions of the Ontario Loan Act, 2016, the Lieutenant Governor in Council may borrow in any manner provided by the Financial Administration Act, as amended, such sums, not exceeding a total aggregate amount of Ten Billion Dollars, as are considered necessary to discharge any indebtedness or obligation of Ontario or to make any payment authorized or required by any Act to be made out of the Consolidated Revenue Fund; 

and whereas it is now considered necessary to authorize the borrowing of money, from time to time, on behalf of Ontario under the Ontario Loan Act, 2016 in an aggregate amount, as determined in accordance with section 26 of the Financial Administration Act, as amended, not exceeding Ten Billion Dollars in lawful money of Canada by way of loan or by the issue and sale of securities of Ontario;

therefore:

1. Pursuant to section 20 of the Financial Administration Act, as amended, and the Ontario Loan Act, 2016, the Minister of Finance is authorized to raise a sum of money by way of loan on the credit of the Consolidated Revenue Fund of Ontario in an amount, as determined in accordance with section 26 of the Financial Administration Act, as amended, not exceeding Ten Billion Dollars in lawful money of Canada:
   1. by the issue and sale from time to time of securities of Ontario; and
   2. by a loan or loans in the currency of Canada or of any other country or in any authorized composite monetary unit from a bank, corporation, government, person or authority repayable on demand or at a fixed time and raised by way of bank overdraft, loan agreement or the giving of short-term security by Ontario as the Minister of Finance considers advisable and expedient.
2. Pursuant to subsection 20(6) of the Financial Administration Act, as amended, for the purpose of borrowing the sum authorized by this Order, all of the powers of the Minister of Finance under subsection 20(1) of the Financial Administration Act, as amended, are delegated to each of the Deputy Minister of Finance and any solicitor, who is an employee of the Crown and seconded to the Legal Services Branch, Ministry of Finance, holding office on the date of this Order or on any day thereafter.
3. Pursuant to subsection 35(1) of the Capital Investment Plan Act, 1993, for the purpose of borrowing the sum authorized by this Order, all of the powers of the Minister of Finance under subsection 20(1) of the Financial Administration Act, as amended, are delegated to each of the Chief Executive Officer, the Executive Director, Capital Markets Division, the Chief Financial and Risk Officer, any Director, Capital Markets Division and any Manager, Capital Markets Division, all of the Ontario Financing Authority, holding office on the date of this Order or on any day thereafter.
4. Each of the securities and any interest coupons attached thereto issued under the authority of this Order shall be signed by any one of:
   1. the Minister of Finance;
   2. the Deputy Minister of Finance; or
   3. the Chief Executive Officer, the Executive Director, Capital Markets Division, the Chief Financial and Risk Officer, or any Director, Capital Markets Division, all of the Ontario Financing Authority;

   holding office on the date of this Order or on any day thereafter, or shall have engraved, lithographed, printed or otherwise mechanically reproduced thereon the signature of the Minister of Finance holding office on the date of this Order or on any day thereafter.  Each of the securities, excluding any interest coupons attached thereto, shall be sealed with the seal of the Minister of Finance which may be engraved, lithographed, printed or otherwise mechanically reproduced thereon, and shall be authenticated by the fiscal agent or registrar appointed by Ontario or, where no fiscal agent or registrar is appointed, shall be authenticated or countersigned by any one of the Director, the Manager, Settlements, Payments and Fiscal Agency, or the Co-ordinator, Settlements, Payments and Fiscal Agency,  all of the Finance and Treasury Division, Ontario Financing Authority, holding office on the date of this Order or on any day thereafter and, when so executed and either authenticated or countersigned, the securities and any interest coupons attached thereto are binding upon Ontario notwithstanding any change in any of the persons holding the said office between the date when the said signature is affixed and the date of delivery of the securities, and notwithstanding that the person whose signature is so affixed may not have held office at the date of the securities or at the date of the delivery thereof.

5. Where required by the terms of the securities in addition to being signed, sealed and authenticated as described in the previous paragraph, the securities shall also be effectuated by the signature of such person authorized by the Province of Ontario to act for such purpose, and when so executed and either authenticated or countersigned, and, if required, effectuated, the securities and any interest coupons attached thereto are binding upon Ontario notwithstanding any change in any of the persons holding the said offices between the date when the said signature is affixed and the date of delivery of the securities, and notwithstanding that the person whose signature is so affixed may not have held office at the date of the securities or at the date of the delivery thereof.
6. Any one of the Minister of Finance or any authorized officer named in subparagraphs 4(b) and (c) of this Order may certify in writing the amount that may be borrowed under the authority of this Order as of each date securities are issued and sold or money is borrowed by way of bank overdraft, loan agreement or the giving of short-term security hereunder and it is declared that such certificate shall be conclusive evidence of the amount that may be borrowed and shall be binding on Ontario in respect of each borrowing made in accordance with this Order and such certificate.
7. Each delegation made in this Order extends to each person from time to time holding an acting appointment to a position whose regular occupant is entitled to exercise the delegated authority.
8. The principal amount of and any interest on any security issued under this Order and the principal amount of and any interest on all money raised by way of loan under this Order shall be a charge on and payable out of the Consolidated Revenue Fund.
9. The Minister of Finance and any authorized officer named in paragraphs 2 or 3 of this Order shall not borrow money by the issue and sale of securities or by way of loan under this Order after December 31, 2019, unless, on or before December 31, 2019,
   1. the Minister of Finance or any authorized officer named in paragraphs 2 or 3 of this Order has entered into an agreement to borrow money by the issuance of such securities or by way of such loan under this Order; or
   2. the Minister of Finance or any authorized officer named in paragraphs 2 or 3 has entered into an agreement respecting a borrowing program and the agreement enables the Minister of Finance or any authorized officer named in paragraphs 2 or 3 to borrow by the issuance of securities or by way of loan up to a specified limit under this Order.