Order in Council 1099/2025

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 the provisions of the Ontario Loan Act, 2025 , the Lieutenant Governor in Council may borrow in any manner provided by the Financial Administration Act, as amended, such sums, not exceeding a total aggregate amount of $27,000,000,000.00, as are considered necessary to discharge any indebtedness or obligation of Ontario or to make any payment authorized or required by any Act to be made out of the Consolidated Revenue Fund;

And whereas sums in the total aggregate amount of $19,500,000,000.00 in lawful money of Canada have been authorized to be borrowed by way of loan on the credit of the Consolidated Revenue Fund of Ontario under the authority of the Ontario Loan Act, 2025, and Order in Council 1098/2025;

And whereas it is now considered necessary to authorize the borrowing of money on behalf of Ontario under the authority of the Ontario Loan Act, 2025, and subsection 20(7) of the Financial Administration Act, by the issue and sale from time to time of unsecured short-term promissory notes of Ontario in an aggregate amount as determined in accordance with section 26 of the Financial Administration Act, not exceeding $7,500,000,000.00 in lawful money of Canada or the equivalent amount in lawful money of the United States of America;

Therefore:

1. Pursuant to the Ontario Loan Act, 2025 and subsection 20(7) of the Financial Administration Act, the Minister of Finance is authorized to raise a sum of money by way of loan on the credit of the Consolidated Revenue Fund of Ontario by the issue and sale from time to time of unsecured short-term promissory notes of Ontario, in the aggregate amount as determined in accordance with section 26 of the Financial Administration Act, not exceeding $7,500,000,000.00 in lawful money of Canada or the equivalent amount in lawful money of the United States of America (the “Notes”).
2. Pursuant to subsection 20(6) of the Financial Administration Act, as amended, for the purpose of borrowing the sum or sums authorized by this Order, all the powers of the Minister of Finance under subsection 20(1) and 20(7) of the Financial Administration Act, as amended, are delegated to each of the Deputy Minister of Finance and any solicitor, who is an employee of the Crown and seconded to the Legal Services Branch, Ministry of Finance, holding office on the date of this Order or on any day thereafter.
3. Pursuant to subsection 35(1) of the Capital Investment Plan Act, 1993, for the purpose of borrowing the sum or sums authorized by this Order, all of the powers of the Minister of Finance under subsection 20(1) of the Financial Administration Act, as amended, are delegated to each of the Chief Executive Officer, the Chief Treasury and Investment Officer, the Chief Financial Officer, any Director, Capital Markets Division, any Director, Finance and Treasury Division, and any Senior Manager, Capital Markets Division all of the Ontario Financing Authority, holding office on the date of this Order or on any day thereafter.
4. Every Note issued under the authority of this Order:
   1. shall bear a date of maturity not later than Two Hundred and Seventy days from its date of issue;
   2. shall be payable in lawful money of the United States of America (“U.S.$”) and be issued in minimum denominations of U.S.$100,000;
   3. shall bear interest at a rate not to exceed Fifteen percent per annum, if interest bearing;
   4. shall be sold by Ontario at a price of not less that Eighty percent of the principal amount thereof, if issued at a discount; and
   5. shall not be redeemable or payable in advance of maturity and shall not contain any provision for renewal, extension or automatic rollover at the option of either the holder of the Note or Ontario.

5. Each of the Notes issued under the authority of this Order shall be signed by any one of:

   1. the Minister of Finance;
   2. the Deputy Minister of Finance; or
   3. the Chief Executive Officer, the Chief Treasury and Investment Officer, any Director, Capital Markets Division, or the Director, Treasury and Capital Markets Operations, Finance and Treasury Division, all of the Ontario Financing Authority;

   holding office on the date of this Order or on any day thereafter, or shall have reproduced thereon the signature of the Minister of Finance holding office on the date of this Order or on any day thereafter. Each of the Notes shall be sealed with the seal of the Minister of Finance which may be reproduced thereon, and shall be authenticated by the issuing agent or registrar appointed by Ontario or, where no issuing agent or registrar is appointed, shall be authenticated or countersigned by any one of the Manager, Settlements, or the Co-ordinator, Settlements, Payments and Fiscal Agency, all of the Finance and Treasury Division, Ontario Financing Authority, all holding office on the date of this Order or on any day thereafter and, when so executed and either authenticated or countersigned, the Notes shall be binding upon Ontario notwithstanding any change in any of the persons holding the said office between the date when the said signature is affixed and the date of delivery of the Notes, and notwithstanding that the person whose signature is so affixed may not have held office at the date of the Notes or at the date of the delivery thereof.

6. Each delegation made in this Order extends to each person from time to time holding an acting appointment to a position whose regular occupant is entitled to exercise the delegated authority. If the title of the position to which powers and duties have been delegated changes, the delegation made in this Order continues to be in effect on condition that the delegated powers and duties continue to be within the scope of the position.
7. The principal amount of and any interest on any Note issued under this Order shall be a charge on and payable out of the Consolidated Revenue Fund.
8. Any signatures, seals, certificates or evidence of approval required by this Order may be made mechanically or electronically.