Order in Council 1692/2024

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 the Lieutenant Governor in Council may by order authorize the Minister of Finance to purchase securities of or make loans to Ontario Infrastructure and Lands Corporation (the “Corporation”);

And whereas, it is considered necessary to authorize the Minister of Finance to purchase securities of and make loans to the Corporation for the purposes of the Corporation’s new housing- enabling water infrastructure lending stream of the Corporation’s existing infrastructure lending program;

Therefore:

1. Pursuant to subsection 23(2) of the Ontario Infrastructure and Lands Corporation Act, 2011 (the “Act”) the Minister of Finance is authorized to purchase securities of or make loans to the Corporation in the amounts, at the times and on the terms as the Minister of Finance may determine up to a maximum amount of $1,330,000,000 (comprised of a maximum principal amount of $1,000,000,000 and capitalized interest on that amount not to exceed $330,000,000).
2. Pursuant to subsection 23(4) of the Act, the powers of the Minister of Finance under subsection 23(2) of the Act to determine the terms and conditions of advances to the Corporation by way of loan or the purchase of securities of the Corporation 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 Senior Manager, Capital Markets Division, and 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.
3. 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.
4. This Order comes into effect upon the later of signature and 15 January 2025.