Order in Council 325/2023

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:

Whereas pursuant to subsection 23(2) of the Ontario Infrastructure and Lands Corporation Act, 2011, the Lieutenant Governor in Council may by order authorize the Minister of Finance to purchase securities of or make loans to Ontario Infrastructure and Lands Corporation (“Corporation”) in the amounts, at the times and on the terms as the Minister of Finance may determine, subject to the maximum principal amount specified by the Lieutenant Governor in Council that may be purchased or advanced or that may be outstanding at any time:

And whereas, for the purposes of the Corporation, it is now considered necessary to authorize the Minister of Finance to purchase securities of and make loans to the Corporation in the amounts and at the times and on the terms determined by the Minister of Finance up to a maximum aggregate principal amount not exceeding Fifty Million Dollars in lawful money of Canada;

Therefore:

1. Pursuant to subsection 23(2) of the Ontario Infrastructure and Lands Corporation Act, 2011, the Minister of Finance is authorized to purchase securities of or make loans to the Corporation in the amounts, at the times and on the terms as the Minister of Finance may determine up to a maximum aggregate principal amount not exceeding Fifty Million Dollars in lawful money of Canada.
2. Pursuant to subsection 23(4) of the Ontario Infrastructure and Lands Corporation Act, 2011, the powers of the Minister of Finance under subsection 23(2) of the Ontario Infrastructure and Lands Corporation Act, 2011 to determine the terms and conditions of advances to the Corporation by way of loan or the purchase of securities of the Corporation are delegated to each of the Chief Executive Officer, the Executive Director and Chief Investment Officer, Capital Markets Division, the Chief Financial Officer, any Director, Capital Markets Division, and any Senior Manager, Capital Markets Division, all of the Ontario Financing Authority, holding office on the date of this Order or on any day thereafter.
3. 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.