Order in Council 882/2022

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 subsection 6(2)(e)(i) of the Metropolitan Toronto Convention Centre Corporation Act, R.S.O. 1990, c. M.11, as amended, provides that the Metropolitan Toronto Convention Centre Corporation (the “Corporation”) obtain the Lieutenant Governor in Council’s approval to borrow money upon the credit of the Corporation;

And whereas over the last two years, the Corporation has been subject to public health restrictions aimed at controlling the pandemic, which have negatively affected its ability to consistently earn revenue;

And whereas the Corporation continues to incur expenses related to keeping its facilities in good repair and continues to respond to financial challenges resulting from the covid-19 pandemic;

And whereas the Corporation seeks to borrow up to $25,000,000 (plus accrued interest) from the Ontario Financing Authority in order to manage immediate liquidity requirements resulting from its closure in order to comply with public health restrictions aimed at limiting the spread of covid-19;

And whereas the Corporation must obtain the Lieutenant Governor in Council’s approval in order to borrow up to $25,000,000 (plus accrued interest) from the Ontario Financing Authority;

Therefore, pursuant to subsection 6(2)(e)(i) of the Metropolitan Toronto Convention Centre Corporation Act, R.S.O. 1990, c. M.11, as amended, approval is hereby given to the Corporation to borrow up to $25,000,000 (plus accrued interest) from the Ontario Financing Authority.