Order in Council 1732/2023

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:

1. Pursuant to subsection 7(2) of the Financial Administration Act, the Minister of Finance is authorized to pay interest to the Greenhouse Gas Reduction Account (the “GGRA”) in the manner specified in this Order in Council.
2. The Minister of Finance is authorized to pay interest to the GGRA on the last day of each calendar month, at a rate equal to the Bank of Canada’s 12-month Treasury Bill rate less 100 basis points determined in accordance with paragraphs 3 and 4.
3. The interest will be calculated on the basis of each increase in the balance of the GGRA and shall:
   1. apply for the 12 months following the date of such increase, and
   2. be reset at the beginning of each subsequent 12-month period.
4.  Interest will be calculated on the balance, if any, in the GGRA at the end of each day.
5. In no event shall interest be paid 24 months from the date this Order in Council is made.