Ontario Infrastructure Projects Corporation Act, 2006, S.O. 2006, c. 9 , Sched. I

• Jurisdiction: Ontario

Ontario Infrastructure Projects Corporation Act, 2006

S.O. 2006, CHAPTER 9
Schedule I

Historical version for the period May 12, 2011 to June 5, 2011.

Note: On the day Schedule 25 (Ministry of Energy Act, 2011) to the Better Tomorrow for Ontario Act (Budget Measures), 2011 comes into force, this Act is repealed. See: 2011, c. 9, Sched. 32, ss. 39, 40 (1).

Last amendment: 2011, c. 9, Sched. 32, s. 39.

Definitions

1. (1) In this Act,

“Corporation” means the Ontario Infrastructure Projects Corporation as continued under subsection 2 (1) by the amalgamation of the Ontario Strategic Infrastructure Financing Authority and the Ontario Infrastructure Projects Corporation; (“Société”)

“Minister” means the Minister of Public Infrastructure Renewal or such other member of the Executive Council as may be assigned the administration of this Act under the Executive Council Act; (“ministre”)

“municipality” has the same meaning as in subsection 1 (1) of the Municipal Act, 2001; (“municipalité”)

“public work” means a public work as defined in the Ministry of Government Services Act; (“ouvrage public”)

“related entity” means, in relation to the Corporation, a subsidiary, trust, partnership or other entity established or acquired by the Corporation that is a Crown agent; (“entité liée”)

“subsidiary” means a corporation that is a subsidiary of the Corporation. (“filiale”) 2006, c. 9, Sched. I, s. 1 (1); 2006, c. 33, Sched. Y, s. 1.

Reference to Ontario Municipal Economic Infrastructure Financing Authority, etc.

(2) A reference in a regulation made under this or any other Act to the Ontario Municipal Economic Infrastructure Financing Authority or to the Ontario Strategic Infrastructure Financing Authority shall be deemed to be a reference to the Ontario Infrastructure Projects Corporation as continued under subsection 2 (1). 2006, c. 9, Sched. I, s. 1 (2).

Corporate Matters

Corporation continued

2. (1) Ontario Strategic Infrastructure Financing Authority incorporated on August 19, 2002 under the Corporations Act and Ontario Infrastructure Projects Corporation incorporated on November 7, 2005 under the Business Corporations Act are hereby amalgamated and continued as a corporation without share capital under the name Ontario Infrastructure Projects Corporation in English and Société ontarienne de travaux d’infrastructure in French. 2006, c. 9, Sched. I, s. 2 (1).

Composition

(2) The Corporation is composed of the members of its board of directors. 2006, c. 9, Sched. I, s. 2 (2).

Corporation to change name

(3) The Minister may, by regulation, change the name of the Corporation. 2006, c. 9, Sched. I, s. 2 (3).

Objects of the Corporation

3. The following are the objects of the Corporation:

1. To provide financing for municipalities and for such other public bodies as may be specified by regulation for such purposes as may be specified by regulation.

2. To obtain funding to finance its activities.

3. To exercise powers under the Corporations Tax Act and the Income Tax Act regarding any bond, debenture or other security.

4. To provide the Minister with advice in respect of infrastructure projects in Ontario.

5. To undertake project management and contract management of infrastructure projects in Ontario assigned to the Corporation by the Minister.

6. When requested to do so by the Minister, to provide the Minister with financial, strategic and other advice in respect of Crown assets or interests and to implement or assist in the implementation of transactions in respect of such assets or interests.

7. To engage in such other activities as the Lieutenant Governor in Council may specify. 2006, c. 9, Sched. I, s. 3; 2006, c. 33, Sched. Y, s. 2.

Public work projects

3.1 Despite any other Act, the Corporation may carry out its objects in respect of an infrastructure project concerning a public work that is assigned to the Corporation by the Minister under paragraph 5 of section 3, subject to such terms as are set out in the assignment. 2006, c. 33, Sched. Y, s. 3.

Exemption, public works

3.2 Section 16 of the Ministry of Government Services Act does not apply with respect to an infrastructure project concerning a public work that is assigned to the Corporation by the Minister. 2006, c. 33, Sched. Y, s. 3.

Powers of the Corporation

4. (1) The Corporation has the capacity, rights, powers and privileges of a natural person, except as limited by this Act. 2006, c. 9, Sched. I, s. 4 (1).

Interest in public work

(1.1) Without limiting the generality of subsection (1) and despite subsections 6 (1) and 8 (1) of the Ministry of Government Services Act, the Corporation may acquire, hold, lease or dispose of an interest in real or other property with respect to an infrastructure project concerning a public work that is assigned to the Corporation. 2006, c. 33, Sched. Y, s. 4.

Disposal of real property

(1.2) Any disposal by the Corporation of real property or any interest in real property by way of a grant, sale, lease or otherwise is subject to the approval of the Lieutenant Governor in Council. 2006, c. 33, Sched. Y, s. 4.

Same

(1.3) Subsection (1.2) does not apply to a grant of a lease for a term of less than 21 years or to a grant of easement. 2006, c. 33, Sched. Y, s. 4.

Design, etc., of public works

(1.4) Without limiting the generality of subsection (1) and despite subsection 6 (2) of the Ministry of Government Services Act, the Corporation may design, construct, renovate, service, maintain, repair, furnish, equip, manage and administer premises, buildings and structures that are public works relating to an infrastructure project that is assigned to the Corporation. 2006, c. 33, Sched. Y, s. 4.

Funding

(2) Without limiting the generality of subsection (1), the Corporation or a subsidiary may obtain funding by borrowing money, by issuing bonds, debentures and other securities, by establishing trusts, corporations, partnerships and other entities and by other means. 2006, c. 9, Sched. I, s. 4 (2).

Restriction on borrowing, etc.

(3) The Corporation or a subsidiary shall not borrow, invest or manage financial risks unless the activity is authorized by a by-law and the Minister of Finance has consented to the by-law. 2006, c. 9, Sched. I, s. 4 (3).

Co-ordination of financing activities by Corporation

(4) All borrowing, financing, investment of funds and financial risk management activities of the Corporation or a subsidiary shall be co-ordinated and arranged by the Ontario Financing Authority, unless the Minister of Finance agrees otherwise. 2006, c. 9, Sched. I, s. 4 (4).

Restrictions on borrowing, certain related entities

(5) A related entity that is not a subsidiary shall not borrow, invest or manage financial risks without the consent of the Minister of Finance. 2006, c. 9, Sched. I, s. 4 (5).

Restrictions re subsidiaries, etc.

(6) The Corporation shall not establish or acquire a subsidiary, trust, partnership or other entity unless it is authorized to do so by order of the Lieutenant Governor in Council. 2006, c. 9, Sched. I, s. 4 (6).

Consent of Minister

(7) The consent of the Minister of Finance referred to in subsections (3) and (5) may be general or particular and may include such terms as the Minister of Finance considers advisable. 2006, c. 9, Sched. I, s. 4 (7).

Status as Crown agent

5. (1) Subject to subsections (2) and (3), the Corporation is a Crown agent for all purposes. 2006, c. 9, Sched. I, s. 5 (1).

Exception

(2) The Corporation or a related entity may declare in writing in an agreement, security or instrument that it is not acting as a Crown agent for the purposes of the agreement, security or instrument. 2006, c. 9, Sched. I, s. 5 (2).

Effect of declaration

(3) If the Corporation or a related entity makes a declaration in accordance with subsection (2), the Corporation or related entity shall be deemed not to be a Crown agent for the purposes of the agreement, security or instrument and the Crown is not liable for any liability or obligation of the Corporation or related entity under the agreement, security or instrument. 2006, c. 9, Sched. I, s. 5 (3).

Board of directors

6. (1) The board of directors of the Corporation is composed of at least three and not more than 11 members, or such other...