Order in Council 979/2020

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 subsection 11(2) of the Royal Ontario Museum Act, R.S.O. 1990, c. R.35, as amended, provides that the Royal Ontario Museum (the “Museum”) requires the Lieutenant Governor in Council’s approval to borrow money where the total amount of outstanding borrowings exceeds $100,000;

And whereas by Order in Council 1004/2003 dated May 7, 2003, approval was given to the Museum to borrow an aggregate principal amount not to exceed $68,500,000;

And whereas that aggregate principal amount included an operating line of credit with the Canadian Imperial Bank of Commerce (CIBC) with a limit of $3,000,000;

And whereas by Order in Council 1257/2005 dated July 29, 2005, the aggregate principal amount authorized to be borrowed by the Museum was raised to $113,000,000;

And whereas, in connection with the increase of that aggregate principal amount, the limit of the operating line of credit with the CIBC was raised to $5,000,000 in October 2007;

And whereas the CIBC has agreed to increase the limit of that operating line of credit from $5,000,000 to $7,000,000;

And whereas the Museum requires access to that increased operating line of credit with the CIBC in order to manage immediate liquidity requirements resulting from its closure because of the COVID-19 pandemic;

And whereas the Museum must obtain the Lieutenant Governor in Council’s approval to increase its debt obligation in order to use the additional $2,000,000 available to it under its operating line of credit with the CIBC;

Therefore, pursuant to subsection 11(2) of the Royal Ontario Museum Act, R.S.O. 1990, c. R.35, as amended, and subject to the terms and conditions stipulated by the Minister of Finance attached hereto, approval is hereby given to the Museum to use the additional $2,000,000 available to it under its operating line of credit with the CIBC.