Order in Council 947/2020

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 the Niagara Parks Commission (the “NPC”) requires a twenty-five million dollar ($25,000,000.00) loan (the “Loan”) for the purpose of redeveloping the Canadian Niagara Power Generating Station as a visitor attraction:

And whereas subsection 5(1) of the Niagara Parks Act, R.S.O. 1990, c. N.3, as amended, allows the NPC to borrow money to make improvements to real or personal property or for any other purpose of the NPC with the approval of the Lieutenant Governor in Council;

And whereas pursuant to subsection 28(1.1) of the Financial Administration Act, R.S.O. 1990, c. F. 12, as amended, the Minister of Finance has approved the borrowing for the purpose of redeveloping the Canadian Niagara Power Generating Station subject to the terms and conditions set out in the Minister’s approval;

Therefore, pursuant to subsection 5(1) of the Niagara Parks Act, R.S.O. 1990, c. N.3, as amended, and subject to the terms and conditions stipulated by the Minister of Finance attached hereto, approval is hereby given to the Niagara Parks Commission to borrow from the Ontario Financing Authority an aggregate principal amount not to exceed twenty-five million dollars ($25,000,000.00) in lawful money of Canada to be repaid in full by a date no later than ten years after the aggregate of the advances made to the Niagara Parks Commission are consolidated into a term loan.