Order in Council 390/2021

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 subsection 5(1) of the Niagara Parks Act, R.S.O. 1990, c. N.3, as amended, allows the Niagara Parks Commission (the “NPC”) to borrow money to make improvements to real or personal property or for any other purpose of the NPC with the approval of the Lieutenant Governor in Council;

And whereas the covid-19 pandemic forced the NPC to close its operations for several months in order to comply with public health restrictions aimed at limiting its spread;

And whereas the closure detrimentally affected the NPC’s ability to earn revenue while it continued to incur expenses related to delivering its core services;

And whereas in 2016 the NPC entered into a Line of Credit Agreement with the Canadian Imperial Bank of Commerce (CIBC), having a maximum borrowing limit of $15 million;

And whereas that Line of Credit Agreement between the NPC and the CIBC was approved through OIC 475/2016, dated March 23, 2016;

And whereas the NPC seeks to increase the maximum borrowing limit in its Line of Credit Agreement with the CIBC from $15 million to an aggregate principal amount not to exceed $35 million, to be repaid on or before March 31, 2028;

And whereas this increase in the maximum borrowing limit will help to ensure that the NPC

has the fiscal capacity to:  provide its core services of parks maintenance, road maintenance, building maintenance and operate the Niagara Parks Police Service; keep key revenue-producing operations open to support income generation; as well as contribute key demand generators to the tourism industry;

And whereas pursuant to subsection 28(1.1) of the Financial Administration Act, R.S.O. 1990, c. F. 12, as amended, the Minister of Finance has approved the increase in the maximum borrowing limit in the NPC’s Line of Credit Agreement with the CIBC subject to the terms and conditions set out in the Minister’s approval;

Therefore, OIC No. 475/2016 made on March 23, 2016 is hereby revoked and, pursuant to subsection 5(1) of the Niagara Parks Act, R.S.O. 1990, c. N.3, as amended, and subject to the terms and conditions stipulated by the Minister of Finance attached hereto, approval is hereby given to the Niagara Parks Commission to increase the maximum borrowing limit in its Line of Credit Agreement with the CIBC from $15 million to an aggregate principal amount not to exceed $35 million, to be repaid on or before March 31, 2028.