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 Order in Council 675/97, as amended, made under subsection 22(1) of the Capital Investment Plan Act, 1993 (the “Act”), the Minister of Finance is authorized to lend Two Billion One Hundred and Sixty Million Dollars in lawful money of Canada to the Ontario Financing Authority (the “OFA”);

And whereas pursuant to Order in Council 767/99, as amended, made under subsection 22(1) of the Act, the Minister of Finance is authorized to lend Six Hundred and Fifty-Six Million Dollars in lawful money of Canada to the OFA;

And whereas pursuant to Order in Council 575/2020 dated March 27, 2020, made under subsection 22(1) of the Act, the Minister of Finance is authorized to lend a maximum of Five Billion Dollars in lawful money of Canada to the OFA;

And whereas the Province considers it expedient to amend Order in Council 675/97, Order in Council 767/99, and Order in Council 575/2020 to allow for loans from the Minister of Finance to the OFA to be fully repaid by the OFA by June 1, 2060 and to make certain other amendments;

Therefore:

  1. Order in Council 675/97, as amended by Order in Council 1709/98, Order in Council 844/2008, Order in Council 1723/2009, Order in Council 1268/2010, Order in Council 1051/2012, and Order in Council 787/2018, is hereby amended by:

    1. deleting paragraph (b) and replacing it with the following paragraph:

      “(b) repayment of advances made under the loan plus accrued interest may be made in whole or in part at any time provided that the loan plus accrued interest shall be fully repaid by June 1, 2060;”

    2. deleting paragraph (d) and replacing it with the following paragraph:

      “(d) each advance (an “Advance”) made under the loan hereby authorized shall bear interest at a rate which is determined as follows:

      1. from the date of the Advance to (but excluding) the date of repayment, the Advance shall bear interest at a per annum rate equivalent to the yield on three-month Province of Ontario Treasury Bills on the Advance Date as determined by the Province, provided that if an Advance is outstanding for longer than three months, the interest rate shall be reset on the first day of each subsequent three-month period (the “Reset Date”) to the yield on three-month Province of Ontario Treasury Bills on the Reset Date for such three-month period or part thereof if repaid, as determined by the Province;
      2. in the event that moneys included in an Advance are used by the OFA for the purpose of funding loans to third parties (a “Third Party Loan”), the rate of interest payable by the OFA to the Province on the portion of the Advance so used shall be adjusted effective as of the date that the portion of the Advance is used to fund the Third Party Loan so that the per annum rate of interest payable by the OFA on such moneys is equivalent to the per annum rate of interest payable to the OFA under the Third Party Loan less an amount as may be determined by the Minister of Finance in respect of such Third Party Loan or a class of such Third Party Loans, until but excluding the date on which the Third Party Loan is repaid, at which time the interest rate set out in subparagraph (i) shall again be applicable to that portion of the Advance;
      3. in the event that moneys described in subparagraph (ii), once repaid, are subsequently used to fund loans to third parties, subparagraph (ii) shall again be applicable in determining the interest rate payable to the Province on that portion of the Advance used to fund such loan, and so on, until the Advance shall be repaid to the Province in full;
      4. despite subparagraphs (ii) and (iii), in the event that no interest is payable to the OFA under a Third Party Loan, no interest shall be payable by the OFA on the portion of the Advance so used and to the extent that the terms of a Third Party Loan provide for the deferral of the payment of accrued interest for a period, the interest payment terms of an Advance or portion thereof shall also be deferred for a similar period.”

    3. deleting paragraph (f) and replacing it with the following paragraphs:

      “(f) despite paragraphs (b) and (d) of this Order, interest on any portion of an Advance made to the OFA under the loan that is used by the OFA to fund a Third Party Loan shall accrue on the basis stated above but shall become payable only to the extent the OFA receives payment of interest under the relevant Third Party Loan;

      (g) despite paragraphs (b) and (d) of this Order, any portion of the principal of an Advance made to the OFA under the loan that is used by the OFA to fund a Third Party Loan shall become payable only to the extent the OFA receives repayment of principal under the relevant Third Party Loan; and

      (h) the loan hereby authorized shall be evidenced by a promissory note.”

  1. Order in Council 767/99, as amended by Order in Council 844/2008, Order in Council 1723/2009, Order in Council 1268/2010, Order in Council 1051/2012, and Order in Council 787/2018, is hereby amended by:

    1. deleting paragraph (b) and replacing it with the following paragraph:

      “(b) repayment of advances made under the loan plus accrued interest may be made in whole or in part at any time provided that the loan plus accrued interest shall be fully repaid by June 1, 2060;”

    2. deleting paragraph (d) and replacing it with the following paragraph:

      “(d) each advance (an “Advance”) made under the loan hereby authorized shall bear interest at a rate which is determined as follows:

      1. from the date of the Advance to (but excluding) the date of repayment, the Advance shall bear interest at a per annum rate equivalent to the yield on three-month Province of Ontario Treasury Bills on the Advance Date as determined by the Province, provided that if an Advance is outstanding for longer than three months, the interest rate shall be reset on the first day of each subsequent three-month period (the “Reset Date”) to the yield on three-month Province of Ontario Treasury Bills on the Reset Date for such three-month period or part thereof if repaid, as determined by the Province;
      2. in the event that moneys included in an Advance are used by the OFA for the purpose of funding loans to third parties (a “Third Party Loan”), the rate of interest payable by the OFA to the Province on the portion of the Advance so used shall be adjusted effective as of the date that the portion of the Advance is used to fund the Third Party Loan so that the per annum rate of interest payable by the OFA on such moneys is equivalent to the per annum rate of interest payable to the OFA under the Third Party Loan less an amount as may be determined by the Minister of Finance in respect of such Third Party Loan or a class of such Third Party Loans, until but excluding the date on which the Third Party Loan is repaid, at which time the interest rate set out in subparagraph (i) shall again be applicable to that portion of the Advance;
      3. in the event that moneys described in subparagraph (ii), once repaid, are subsequently used to fund loans to third parties, subparagraph (ii) shall again be applicable in determining the interest rate payable to the Province on that portion of the Advance used to fund such loan, and so on, until the Advance shall be repaid to the Province in full; and
      4. despite subparagraphs (ii) and (iii), in the event that no interest is payable to the OFA under a Third Party Loan, no interest shall be payable by the OFA on the portion of the Advance so used and to the extent that the terms of a Third Party Loan provide for the deferral of the payment of accrued interest for a period, the interest payment terms of an Advance or portion thereof shall also be deferred for a similar period.”

    3. deleting paragraph (f) and replacing it with the following paragraphs:

      “(f) despite paragraphs (b) and (d) of this Order, interest on any portion of an Advance made to the OFA under the loan that is used by the OFA to fund a Third Party Loan shall accrue on the basis stated above but shall become payable only to the extent the OFA receives payment of interest under the relevant Third Party Loan;

      (g) despite paragraphs (b) and (d) of this Order, any portion of the principal of an Advance made to the OFA under the loan that is used by the OFA to fund a Third Party Loan shall become payable only to the extent the OFA receives repayment of principal under the relevant Third Party Loan; and

      (h) the loan hereby authorized shall be evidenced by a promissory note.”

  1. Order in Council 575/2020 is hereby amended by:

    1. deleting paragraph (b) and replacing it with the following paragraph:

      “(b) repayment of advances made under the loan plus accrued interest may be made in whole or in part at any time provided that the loan plus accrued interest shall be fully repaid by June 1, 2060;”

    2. deleting paragraph (d) and replacing it with the following paragraph:

      “(d) each advance (an “Advance”) made under the loan hereby authorized shall bear interest at a rate which is determined as follows:

      1. from the date of the Advance to (but excluding) the date of repayment, the Advance shall bear interest at a per annum rate equivalent to the yield on three-month Province of Ontario Treasury Bills on the Advance Date as determined by the Province, provided that if an Advance is outstanding for longer than three months, the interest rate shall be reset on the first day of each subsequent three-month period (the “Reset Date”) to the yield on three-month Province of Ontario Treasury Bills on the Reset Date for such three-month period or part thereof if repaid, as determined by the Province;
      2. in the event that moneys included in an Advance are used by the OFA for the purpose of funding loans to third parties (a “Third Party Loan”), the rate of interest payable by the OFA to the Province on the portion of the Advance so used shall be adjusted effective as of the date that the portion of the Advance is used to fund the Third Party Loan so that the per annum rate of interest payable by the OFA on such moneys is equivalent to the per annum rate of interest payable to the OFA under the Third Party Loan less an amount as may be determined by the Minister of Finance in respect of such Third Party Loan or a class of such Third Party Loans, until but excluding the date on which the Third Party Loan is repaid, at which time the interest rate set out in subparagraph (i) shall again be applicable to that portion of the Advance;
      3. in the event that moneys described in subparagraph (ii), once repaid, are subsequently used to fund loans to third parties, subparagraph (ii) shall again be applicable in determining the interest rate payable to the Province on that portion of the Advance used to fund such loan, and so on, until the Advance shall be repaid to the Province in full; and
      4. despite subparagraphs (ii) and (iii), in the event that no interest is payable to the OFA under a Third Party Loan, no interest shall be payable by the OFA on the portion of the Advance so used and to the extent that the terms of a Third Party Loan provide for the deferral of the payment of accrued interest for a period, the interest payment terms of an Advance or portion thereof shall also be deferred for a similar period.”

    3. deleting paragraph (f) and replacing it with the following paragraph:

      “(f) despite paragraphs (b) and (d) of this Order, interest on any portion of an Advance made to the OFA under the loan that is used by the OFA to fund a Third Party Loan shall accrue on the basis stated above but shall become payable only to the extent the OFA receives payment of interest under the relevant Third Party Loan;”

    4. deleting paragraph (g) and replacing it with the following paragraph:

      “(g) despite paragraphs (b) and (d) of this Order, any portion of the principal of an Advance made to the OFA under the loan that is used by the OFA to fund a Third Party Loan shall become payable only to the extent the OFA receives repayment of principal under the relevant Third Party Loan; and”

  1. The forms of promissory note which evidence the loans pursuant to Order in Council 675/97 as amended, Order in Council 767/99 as amended, and Order in Council 575/2020 are all hereby amended, as applicable, to reflect the above changes to the Orders in Council in respect of all amounts advanced to the OFA on or after the date of this Order.
Ministry of Finance

Approved and Ordered: September 25, 2025