Ontario Loan Act, 2009 (No. 2), S.O. 2009, c. 34, Sched. O

The Lieutenant Governor in Council may borrow up to $15.1 billion under the Financial Administration Act, but no borrowing order in council may be made after December 31, 2011, and the Crown cannot borrow after December 31, 2012 unless specified agreements were entered into by that date.

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Jurisdiction: Canada — Ontario
Instrument: Act or statute
Version: Undated source snapshot
Language: en
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borrowing

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Provisions of Ontario Loan Act, 2009 (No. 2), S.O. 2009, c. 34, Sched. O

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Ontario Loan Act, 2009 (No. 2), S.O. 2009, c. 34, Sched. O
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AI-assisted research summary: The Lieutenant Governor in Council may borrow up to $15.1 billion under the Financial Administration Act, but no borrowing order in council may be made after December 31, 2011, and the Crown cannot borrow after December 31, 2012 unless specified agreements were entered into by that date.

Borrowing authorized 1. (1) The Lieutenant Governor in Council may borrow in any manner provided by the Financial Administration Act such sums, not exceeding a total aggregate amount of $15.1 billion, as are considered necessary to discharge any indebtedness or obligation of Ontario or to make any payment authorized or required by any Act to be made out of the Consolidated Revenue Fund. 2009, c. 34, Sched. O, s. 1 (1). Other Acts (2) The authority to borrow conferred by this Act is in addition to that conferred by any other Act. 2009, c. 34, Sched. O, s. 1 (2). Expiry 2. (1) No order in council authorizing borrowing under this Act shall be made after December 31, 2011. 2009, c. 34, Sched. O, s. 2 (1). Same (2) The Crown shall not borrow money after December 31, 2012 under an order in council that authorizes borrowing under this Act unless, on or before December 31, 2012, (a) the Crown has entered into an agreement to borrow the money under the order in council; or (b) the Crown has entered into an agreement respecting a borrowing program and the agreement enables the Crown to borrow up to a specified limit under the order in council. 2009, c. 34, Sched. O, s. 2 (2). 3. Omitted (provides for coming into force of provisions of this Act). 2009, c. 34, Sched. O, s. 3. 4. Omitted (enacts short title of this Act). 2009, c. 34, Sched. O, s. 4. ______________

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Ontario Loan Act, 2009 (No. 2), S.O. 2009, c. 34, Sched. O

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Provisions of Ontario Loan Act, 2009 (No. 2), S.O. 2009, c. 34, Sched. O

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