Order in Council 620/2024

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 pursuant to the provisions of section 21 of the Financial Administration Act, in addition to all money authorized by any other Act tobe borrowed or raised by way of loan, the Lieutenant Governor in Council may raise money by way of loan or by the issue and sale of securities for the purpose of the payment, renewal, repayment or replacement of all or part of any loan raised or securities issued under the Financial Administration Act or any other Act;

And whereas it is now considered necessary to raise money, from time to time, on behalf of Ontario under the authority of section 21 of the Financial Administration Act in a maximum aggregate amount of $7,488,906,210.00 for the purpose of the payment,renewal, repayment or replacement of all or any part of loans and securities coming due or maturing no earlier than 12 months before the date of this Order and no later than 12 months after the date of this Order or that are purchased or cancelled by Ontario during the period no earlier than 12 months before the date of this Order;

Therefore:

1. Pursuant to sections 20 and 21 of the Financial Administration Act, the Minister of Finance is authorized to raise a sum of money on the credit of the Consolidated Revenue Fund of Ontario in an amount, as determined in accordance with section 26 of the Financial Administration Act, not exceeding $7,488,906,210.00 in lawful currency of Canada for the purpose of the payment, renewal, repayment or replacement of all or any part of the following loans and securities:
   1. Loans and securities that mature or become due during the inclusive period from May 12, 2023 to May 6, 2025, and
   2. Loans and securities that were purchased or cancelled by Ontario during the inclusive period from May 12, 2023 to the date of this Order.
2. The Minister of Finance may borrow the sum authorized under this Order from time to time,
   1. by the issue and sale of securities of Ontario from time to time; and
   2. by a loan or loans in the currency of Canada or of any other country or in any authorized composite monetary unit from a bank, corporation, government, person or authority repayable on demand or at a fixed time made by way of bank overdraft, loan agreement or the giving of short-term security by Ontario as the Minister of Finance considers advisable and expedient.
3. Pursuant to subsection 20(6) of the FinancialAdministration Act, for the purpose of borrowing the sum authorized by this Order,all the powers of the Minister of Finance under subsection 20(1) of the Financial Administration Act, are delegated to each of the DeputyMinister of Finance and any solicitorwho is an employee of the Crown and seconded to the Legal Services Branch, Ministry ofFinance, holding office on the date of this Order or on any day thereafter.
4. Pursuant to subsection 35(1) of the Capital Investment Plan Act, 1993, for the purpose of borrowing the sum authorized by this Order, all the powers of the Minister of Finance under subsection 20(1) of the FinancialAdministration Act, are delegated to each of the Chief ExecutiveOfficer, the Executive Director and Chief Investment Officer, Capital Markets Division, the Chief Financial Officer, any Director, Capital Markets Division, any Senior Manager, Capital Markets Division, and any Director, Finance and Treasury Division, all of the Ontario Financing Authority, holding office on the date of this Order or on any day thereafter.
5. Each of the securities and any interest coupons attached thereto 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 Executive Director and Chief Investment Officer, Capital Markets Division, any Director, Capital Markets Division, or the Director, Treasury and Capital Markets Operations, Finance and Treasury Division, all of the Ontario Financing Authority;
   1. 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 securities, excluding any interest coupons attached thereto, shall be sealed with the seal of the Minister of Finance which may be reproduced thereon, and shall be authenticated by the fiscal agent or registrar appointed by Ontario or, whereno fiscal agent or registrar is appointed, shall be authenticated or countersigned by any one of theManager, Settlements or the Co-ordinator, Settlements, Payments and Fiscal Agency, both 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 securities and any interest coupons attached thereto are 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 securities, and notwithstanding that the person whose signature is so affixed may not have held office at the date of the securities or at the date of the delivery thereof.
6. Where required by the terms of the securities in addition to being signed,sealed and authenticated in accordance with the previous paragraph, the securities shall also be effectuated by the signature of such person authorized by the Province of Ontario to act for such purpose, and when so executed and either authenticated or countersigned, and, if required, effectuated, the securities and any interest coupons attached thereto are binding upon Ontario notwithstanding any change in any of the persons holding the said offices between the date when the saidsignature is affixed and the date of delivery of the securities, and notwithstanding that the person whose signature is so affixed may not have held office at the date of the securities or at the date of the delivery thereof.
7. Any one of the Minister of Finance or any authorized officer named in subparagraphs 5(b) and (c) of this Order may certify in writing the amount that may be borrowed under the authority of this Order as of each date securities are issued and sold or money is borrowed by way of bank overdraft, loan agreement or the giving of short-term security hereunder and it is declared that such certificate shall be conclusiveevidence of the amount that may be borrowed and shall be binding on Ontario in respect of borrowing made in accordance with this Order and such certificate.
8. 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.
9. Any signatures, seals, certificates or evidence of approval required by this Order may be made mechanically or electronically.
10. The principal amount of and any interest on any security issued under this Order and the principal amount of and any interest on all money raised by way of loan under this Order shall be a charge on and payable out of the Consolidated Revenue Fund.
11. The Minister of Finance and any authorized officer named in paragraphs 3 or 4 of this Order shall not borrow money by the issue and sale of securities or by way of loanunder this Order on a date that is 24 months after the date on which this Order is made.