Order in Council 717/2020

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, 2020, 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 Thirty-One Billion Two Hundred Million 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 sums in the total aggregate amount of Twenty-Four Billion Two Hundred Million Dollars have been authorized to be borrowed by way of the loan on the credit of the Consolidated Revenue Fund of Ontario under the authority of the Ontario Loan Act, 2020, and Order in Council 716/2020;

And whereas it is now considered necessary to authorize the borrowing of money on behalf of Ontario under the authority of the Ontario Loan Act, 2020 and subsection 20(7) of the Financial Administration Act, as amended, by the issue and sale from time to time of treasury bills of Ontario in an aggregate amount, as determined in accordance with section 26 of the Financial Administration Act, as amended, not exceeding Seven Billion Dollars in lawful money of Canada;

Therefore:

1. Pursuant to the Ontario Loan Act, 2020, and subsection 20(7) of the Financial Administration Act, as amended, 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 by issue and sale from time to time of treasury bills of Ontario, in the aggregate amount as determined in accordance with section 26 of the Financial Administration Act, as amended, not exceeding Seven Billion Dollars in lawful money of Canada (the “Treasury Bills”):
2. Pursuant to subsection 20(6) of the Financial Administration Act, as amended, for the purpose of borrowing the sum or sums 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 or sums 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 and Chief Investment Officer, Capital Markets Division, the Chief Financial and Risk 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.
4. Every Treasury Bill issued under the authority of this Order:
   1. shall bear a date of maturity not later than three years from its date of issue;
      shall be issued in minimum denominations of $1,000, $5,000, $25,000, $100,000, $500,000 and $1,000,000;
   2. shall bear interest at a rate not to exceed Fifteen percent per annum, if interest bearing; and,
   3. shall be sold by Ontario at a price of not less than Eighty percent of the principal amount thereof, if issued at a discount.
5. Each of the Treasury Bills 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 and Chief Investment Officer, Capital Markets Division, 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 Treasury Bills 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 issuing agent or registrar appointed by Ontario or, where no issuing agent or registrar is appointed, shall be authenticated or countersigned by any one of the Manager, Settlements and Electricity Finance Reporting, or the Co-ordinator, Settlements, Payments and Fiscal Agency, all of the Finance and Treasury Division, Ontario Financing Authority, all holding office on the date of this Order or on any day thereafter and, when so executed and either authenticated or countersigned, the Treasury Bills shall be 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 Treasury Bills, and notwithstanding that the person whose signature is so affixed may not have held office at the date of the Treasury Bills or at the date of the delivery thereof.

6. 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.
7. The principal amount of and any interest on any Treasury Bill issued under this Order shall be a charge on and payable out of the Consolidated Revenue Fund.