Order in Council 787/2018

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 675/97, as amended, made under subsection 22(1) of the Capital Investment Plan Act, 1993, the Minister of Finance is authorized to lend Two Billion One Hundred and Sixty Million Dollars in lawful money of Canada to The Ontario Financing Authority (the “OFA”):

And Whereas pursuant to Order in Council 767/99, as amended, made under subsection 22(1) of the Capital Investment Plan Act, 1993, the Minister of Finance is authorized to lend Six Hundred and Fifty-Six Million Dollars in lawful money of Canada to the OFA:

And Whereas the Province considers it expedient to amend Order in Council 675/97 and Order in Council 767/99 to allow for loans from the Minister of Finance to the OFA which shall be fully repaid by the OFA by June 1, 2055:

Therefore:

1. Order in Council 675/97, as amended by Order in Council 1709/98, Order in Council 844/2008, Order in Council 1723/2009, Order in Council 1268/2010, and Order in Council 1051/2012 is hereby amended by deleting paragraph (b) and replacing  it with the following paragraph:

   “(b) repayment of advances made under the loan plus accrued interest may be made in whole or in part at any time provided that the loan plus accrued interest shall be fully repaid by June 1, 2055;”

2. Order in Council 767/99, as amended by Order in Council 844/2008, Order in Council 1723/2009, Order in Council 1268/2010, and Order in Council 1051/2012 is hereby amended by deleting paragraph (b) and replacing  it with the following paragraph:

   “(b) repayment of advances made under the loan plus accrued interest may be made in whole or in part at any time provided that the loan plus accrued interest shall be fully repaid by June 1, 2055;”

3. The forms of promissory note which evidence the loans pursuant to Order in Council 675/97 and Order in Council 767/99 are hereby amended, as applicable, to reflect the above changes to the Orders in Council in respect of all amounts advanced to the OFA on or after the date of this Order.