20 (1) If this or any other Act authorizes a sum of money to be borrowed or raised by way of loan on behalf of Ontario, the Lieutenant Governor in Council may by order authorize the Minister of Finance to borrow a specified sum not exceeding the maximum amount authorized by the Act or Acts that authorize the borrowing, and, for the purpose of borrowing that sum, the Minister of Finance is authorized on behalf of Ontario, (a) to issue and sell from time to time one or more issues of securities to the maximum aggregate principal amount specified and at such discount or premium as the Minister of Finance considers advisable; (b) to determine the rate or rates of interest payable by Ontario in respect of a security issued and sold by Ontario, or to issue and sell a security without interest and at such price or prices less than the principal amount repayable on the maturity of the security as, in the opinion of the Minister of Finance, reflect the rate of interest and market conditions current for the security at the time of its issue and sale and in the place or places where it is issued and sold; (c) to determine, as a term of a security and on such terms and conditions as the Minister of Finance approves, that some or all of the principal repayable on the security or the rate of interest payable shall be calculated and paid by reference to changes in the value of, (i) a stock or commodity specified by the Minister of Finance or an index of stocks or commodities specified by the Minister of Finance, (ii) the Consumer Price Index for Canada, as published by Statistics Canada under the Statistics Act (Canada), or (iii) any other index or basis of reference specified by the Minister of Finance; (d) to determine, with respect to a security to be issued and sold, the length of the term to maturity, the time and manner of the payment of interest, if any, the amount and conditions of any payment of any premium payable, and the currency in which any interest, premium or principal is to be paid; (d.1) to determine, with respect to a security, (i) the form in which it is to be issued, including whether it is to be issued in registered form or bearer form, issued as a certificated security or an uncertificated security, issued in physical or electronic form or issued in any other form acceptable to the Minister of Finance, and (ii) the manner in which the security may be held, including whether it may be held directly or held indirectly through a clearing agency, a clearing system or a securities depository or held in any other manner acceptable to the Minister of Finance; (e) to make a security redeemable or payable in advance of maturity on such terms and conditions as to time and place as the Minister of Finance considers appropriate at the time of the issue and sale of the security; (f) to approve, and cause to be delivered or filed when required, any registration statement, prospectus, offering circular or other document, including any amendment or supplement to any of them, required in any jurisdiction with respect to the issue and sale of securities by Ontario, and to supply all financial and other information required to be shown in any of them; (g) to enter into an underwriting, fiscal agency, exchange rate agency, paying agency, trust, registrar or other agreement considered by the Minister of Finance to be necessary or desirable with respect to the issue and sale of securities and, if securities are sold by way of auction, to enter into such agreements governing auctions or to establish such terms and conditions governing auctions as the Minister of Finance considers to be necessary or desirable; (h) to execute all documents and instruments, and do all other acts and things, for the issue and sale of any securities or to effect or maintain their registration, qualification, exemption from registration or exemption from qualification for issue, offer, sale or trade in accordance with any applicable legislation, and when considered desirable by the Minister of Finance, for the listing of any securities on a Canadian or other stock exchange; (h.1) to enter into agreements and arrangements with clearing agencies, securities depositories and other entities, to take such other steps in connection with the issuance of securities as the Minister of Finance considers to be necessary or advisable and to maintain the register for securities issued by Ontario; (i) to settle the commission to be paid to an underwriter or to an agent acting for Ontario with respect to the issue and sale of securities; (j) to provide, as a term of a security or a loan, for the payment by Ontario of additional amounts to compensate for present or future withholding taxes, duties, assessments or charges that are imposed by law on, or with respect to, a payment to the holder under the security or to the lender under the loan; (j.1) to provide, as a term of a security or a loan, that the Minister of Finance will not exercise a right of set-off in respect of amounts due and payable by Ontario under the security or loan subject to such terms and conditions as the Minister of Finance considers appropriate, whether the right of set-off arises under this Act or otherwise; (k) to provide, as a term of a security and on such terms and conditions as the Minister of Finance approves, that the security may be exchanged for another security previously issued and sold by Ontario to raise money by way of loan under this or any other Act if the exchange will not increase the total outstanding principal amount of debt owed by Ontario; (k.1) subject to the terms of any order made under this Act, to do any of the following things as considered appropriate by the Minister of Finance: (i) to determine the terms and conditions of a security, and (ii) to certify the terms and conditions that apply to an uncertificated security and to specify the document in which the applicable terms and conditions are stated; (l) to borrow money from a bank, corporation, government, person or authority, (i) by way of loan repayable on demand or at a fixed time and raised by way of bank overdraft, loan agreement or the giving of short term security by Ontario, (ii) within such maximum principal amount as may be specified by the Lieutenant Governor in Council in the order made under this subsection, and (iii) on such terms and conditions as the Minister of Finance considers advisable and expedient, including the terms and conditions that may be authorized under this subsection for securities, and to enter into such agreements, execute such documents and instruments and take such other steps as the Minister of Finance considers to be necessary or advisable in connection with the borrowing. 1991, c. 55, s. 8; 1994, c. 17, s. 62 (2); 2010, c. 26, Sched. 7, s. 11 (1-7). Maximum borrowing authority to be stated (2) If an order is made under this section for the purpose of borrowing or raising by way of loan money authorized to be borrowed or raised by way of loan by one or more Acts other than this Act, the order shall state the maximum aggregate amount that the Minister of Finance may borrow under the authority of the order to be an amount that does not exceed the maximum amount authorized and not borrowed under the Act or Acts at the date of the order. 1991, c. 55, s. 8; 1994, c. 17, s. 62 (2). Borrowing under two or more Acts (3) An order under this section may authorize the Minister of Finance to issue and sell securities to borrow or raise by way of loan a sum of money representing the amounts that, at the time the order is made, are authorized to be borrowed or raised by way of loan under two or more Acts, and the securities issued and sold under that authority are exchangeable for other securities issued and sold under that authority on the terms and conditions established by the Minister of Finance or as otherwise provided by this Act. 1991, c. 55, s. 8; 1994, c. 17, s. 62 (2). Payment of interest and discounts (4) An order of the Lieutenant Governor in Council under this section may specify a maximum rate of interest that may be paid by the Minister of Finance on an interest bearing security or a maximum rate of interest by which the principal amount repayable on a security bearing no interest may be discounted in determining the price to be paid to Ontario for the issue and sale of the security before any deduction for commissions or expenses. 1991, c. 55, s. 8; 1994, c. 17, s. 62 (2). Limitation on Minister of Finance’s authority (5) In an order under this section, the Lieutenant Governor in Council may impose any condition, restriction or limitation specified in the order with respect to the exercise by the Minister of Finance of a power or authority contained in this section. 1991, c. 55, s. 8; 1994, c. 17, s. 62 (2). Delegation (6) In an order under this section, the Lieutenant Governor in Council may delegate to a public servant employed under Part III of the Public Service of Ontario Act, 2006 who works in the Ministry of Finance, other than in the office of the Minister of Finance, or to a solicitor engaged to act for the Minister of Finance, any or all of the powers of the Minister of Finance under this section. 1991, c. 55, s. 8; 1994, c. 17, s. 62 (2); 2006, c. 35, Sched. C, s. 42 (2). Short term securities (7) If an order of the Lieutenant Governor in Council under this section expressly refers to this subsection and authorizes the Minister of Finance to raise by way of loan a maximum amount of money by the issue and sale of short term securities, the following terms and conditions apply: 1. The Minister of Finance may issue, reissue, renew or replace securities issued under the order if the maximum aggregate principal amount, determined in accordance with this Act, of securities issued under the order and outstanding from time to time does not at any time exceed the maximum amount specified in the order. 2. Every security issued under the authority of the order shall bear a date of maturity not later than three years from its date of issue. 3. Subject to paragraph 2, all of the powers of the Minister of Finance under subsection (1) apply with respect to securities issued under the order. 4. A security to which this subsection applies shall not be paid, renewed, repaid or replaced under section 21. 5. The borrowing limitation under any Act under the authority of which money has been borrowed by the issue of short term securities under this subsection shall be reduced by the maximum amount stated in the order referred to in this subsection. 1991, c. 55, s. 8; 1994, c. 17, s. 62 (2); 2010, c. 26, Sched. 7, s. 11 (8-10). Same, transition (8) The following rules apply with respect to the orders made under this section that expressly refer to subsection (7) and are in force on the day that the Helping Ontario Families and Managing Responsibly Act, 2010 received Royal Assent: 1. Subsection (7) as it reads on the day that the Helping Ontario Families and Managing Responsibly Act, 2010
receives Royal Assent applies with respect to those orders on and after that day. 2. If the Lieutenant Governor in Council amends or replaces one or more of those orders, the aggregate maximum amount of all of those orders, as they existed immediately before the Helping Ontario Families and Managing Responsibly Act, 2010 received Royal Assent, cannot be increased as a result of the amendment or replacement. 2010, c. 26, Sched. 7, s. 11 (11). Section Amendments with date in force (d/m/y) 1991, c. 55, s. 8 - 19/12/1991; 1994, c. 17, s. 62 (2) - 23/06/1994 2006, c. 35, Sched. C, s. 42 (2) - 20/08/2007 2010, c. 26, Sched. 7, s. 11 (1-11) - 8/12/2010