Order in Council 1270/2016

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 Order in Council 125/2016 dated February 1, 2016 and subsection 36(1) of the Ontario Retirement Pension Plan Administration Corporation Act, 2015, the Lieutenant Governor in Council authorized the Minister of Finance, on behalf of Ontario, to make a loan to the Ontario Retirement Pension Plan Administration Corporation (the “Corporation”) in the amounts, at the times and on the terms as the Minister of Finance may determine, up to the maximum principal amount of $400,000,000.00;

And Whereas, the Minister of Finance entered into a loan agreement with the Corporation as of February 3, 2016 (the “Loan Agreement”) and advanced a total of $31,000,000.00 to the Corporation under its terms;

And Whereas, on June 20, 2016, an agreement in principle to enhance the Canada Pension Plan was reached between Ministers of Finance of Canada, British Columbia, Alberta, Saskatchewan, Ontario, New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland and Labrador, with Quebec and Manitoba agreeing to remain part of the discussions moving forward (the “Agreement in Principle”);

And Whereas, pursuant to Order in Council 1085/2016, the Lieutenant Governor in Council approved the Agreement in Principle reached on June 20, 2016;

And Whereas, the Corporation’s operations have been substantially wound up;

And Whereas, it is expected that approximately $137,854.47 in unpaid interest will have accrued on the funds loaned to the Corporation as of the effective date of this Order;

And Whereas, the President of Treasury Board recommends, and the Lieutenant Governor in Council concurs, that it is in the public interest to remit the Corporation’s obligation to pay the Province of Ontario the principal amount outstanding and accrued interest owing under the Loan Agreement;

Therefore:

1. Pursuant to section 5.1 of the Financial Administration Act, the remission of the Corporation’s obligation to pay to the Province of Ontario the principal sum outstanding and the accrued interest owing under the Loan Agreement, less any surplus funds described in paragraph two below, is hereby granted.
2. The remission under paragraph one of this Order is subject to the Corporation paying into the Consolidated Revenue Fund any surplus funds in its possession after the Corporation’s operations have been wound up.
3. This Order is effective as of September 15, 2016.