Use of Proceeds & Reporting
An amount equal to the net proceeds of the Bonds will be recorded in a designated account in the Province of Ontario’s financial records. This designated account will be used to track the use of and allocation of funds to Eligible Projects (as defined below).
So long as the Bonds are outstanding and the designated account has a positive balance, amounts will be deducted from the balance of the account as funds are allocated to Eligible Projects.
“Eligible Projects” means all projects funded by the Province of Ontario in support of projects that have environmental benefits, exclusive of fossil fuel and nuclear projects, as determined by the Province of Ontario.
Without limitation, Eligible Projects may include projects in the following sectors:
- Clean transportation
- Energy efficiency and conservation
- Clean energy and technology
- Forestry, agriculture and land management
- Climate adaptation and resilience
An annual Newsletter is published reporting on the selected projects, their funding, progress and environmental performance.