Order in Council 1389/2019

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:

1. Pursuant to subsection 22(1) of the Financial Administration Act, the Minister of Finance, on behalf of Ontario, is authorized to guarantee to one or more financial institutions authorized to do business in Ontario (the “Lender(s)”), the repayment by First Nation LP, a limited partnership formed and existing under the laws of the Province of Ontario by its general partner, 2472881 Ontario Limited (the “Borrower”) of a loan made to it by the Lender(s) for the purpose of making equity contributions to Wataynikaneyap Power LP, which intends to develop, construct and operate power transmission lines to connect certain remote First Nation communities in Northwestern Ontario to the Ontario provincial grid, together with interest thereon, costs and expenses relating to the loan, as well as make whole amounts, in accordance with the terms of this Order.
2. The Minister of Finance is authorized to determine the terms, conditions and amount of the guarantee authorized under paragraph 1 of this Order, provided that the maximum aggregate principal amount guaranteed shall not exceed $300,000,000 and the maximum term of the guarantee shall not exceed 35 years commencing from the date that any portion of such funds are advanced to the Borrower.
3. The Borrower shall pay an annual loan guarantee fee to the Minister of Finance in the amount of 0.15% of the outstanding amount of the loan guaranteed by the Minister of Finance under this Order as specified in the guarantee and is payable in accordance with the terms and conditions of the guarantee.