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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;

Ministry of Heritage, Sport, Tourism and Culture Industries

Approved and Ordered:

April 01, 2021

Updated: June 29, 2022

Published: April 19, 2021