ontario regulation 299/18

made under the

Financial Administration Act

Made: April 20, 2018
Filed: April 23, 2018
Published on e-Laws: April 23, 2018
Printed in The Ontario Gazette: May 12, 2018

Section 28 Exemptions - Greenhouse Gas Campus Retrofits Program

Definitions

1. In this Regulation,

“college” means a college of applied arts and technology established under the Ontario Colleges of Applied Arts and Technology Act, 2002; (“collège”)

“Greenhouse Gas Campus Retrofits Program” means the program of the Government of Ontario under which colleges and universities may receive funding and subsidized loans to support retrofit projects, construction projects and other capital improvements that are expected to reduce greenhouse gas emissions. (“Programme de modernisation des campus pour la réduction des gaz à effet de serre”)

College contracts

2. A financial arrangement, financial commitment, guarantee, indemnity or similar transaction contained in an agreement that is entered into by a college is exempt from the application of subsection 28 (1) of the Act if the following conditions are met:

1. The agreement relates to college facilities in Ontario.

2. The agreement has a term of 10 years or less.

3. The agreement is governed by the laws of Ontario.

4. The agreement complies with,

i. all applicable policies of the college, and

ii. all applicable laws and government directives.

5. The agreement is funded or supported by the Government of Ontario under the Greenhouse Gas Campus Retrofits Program.

6. The Government of Ontario is not responsible for paying any contingent liabilities that arise under the agreement.

Loan agreements

3. A financial arrangement, financial commitment, guarantee, indemnity or similar transaction contained in a loan agreement entered into between the Ontario Financing Authority and a college for the sole purpose of financing expenses associated with a project under the Greenhouse Gas Campus Retrofits Program is exempt from the application of subsection 28 (1) of the Act if the following conditions are met:

1. The loan agreement complies with all applicable policies of the college.

2. The loan agreement complies with all applicable laws and government directives.

Commencement

4. This Regulation comes into force on the day it is filed.

Made by:
Pris par :

Le ministre des Finances,

Charles Sousa

Minister of Finance

 

La présidente du Conseil du Trésor,

Eleanor McMahon

President of the Treasury Board

Date made: April 20, 2018
Pris le : 20 avril 2018