Trillium Trust Act, 2014, S.O. 2014, c. 7, Sched. 32

Link to law: http://www.ontario.ca/laws/statute/14t07
Published: 2015-06-04

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Trillium Trust Act, 2014

S.o. 2014, chapter 7
Schedule 32

Consolidation Period: From June 4, 2015 to the e-Laws currency date.

Last amendment:  2015, c. 20, Sched. 44.

Definitions

1. In this Act,

“constructing” includes reconstructing, improving, extending, altering, replacing and repairing; (“construction”)

“infrastructure” means the physical structures, associated facilities and things by or through which a public service is provided to the people of Ontario, such as public transportation systems, highways, bridges, water works, hospitals, courthouses and schools, but does not include any physical structures, facilities or things that are excluded under the regulations; (“infrastructure”)

“ministry” means a ministry of the Government of Ontario; (“ministère”)

“net proceeds of disposition” means the gain realized when a ministry or public entity disposes of a qualifying asset; (“produit net de disposition”)

“public entity” has the same meaning as in the Financial Administration Act; (“entité publique”)

“public money” has the same meaning as in the Financial Administration Act; (“deniers publics”)

“qualifying asset” means an asset prescribed in the regulations; (“actif admissible”)

“tangible capital asset” means a tangible capital asset by or through which a public service is provided to the people of Ontario, other than a physical structure, facility or thing described in the definition of “infrastructure”; (“immobilisation corporelle”)

“Trillium Trust” means the account established under section 2. (“Fonds Trillium”)

Note: On a day to be named by proclamation of the Lieutenant Governor, section 1 of the Act is amended by adding the following subsection: (See: 2015, c. 20, Sched. 44)

Exclusion re: Hydro One Inc.

(2) Hydro One Inc. and its subsidiaries are deemed not to be public entities for the purposes of this Act on and after the date on which section 1 of Schedule 44 to the Building Ontario Up Act (Budget Measures), 2015 comes into force. 2015, c. 20, Sched. 44, s. 1.

Trillium Trust

2. (1) The Minister of Finance shall maintain in the Public Accounts an account to be known as the Trillium Trust in which shall be recorded all receipts and disbursements of public money under this Act.

Special purposes

(2) Money credited to the Trillium Trust is deemed, for the purposes of the Financial Administration Act, to be money paid to Ontario for the following special purposes:

1. To fund, directly or indirectly, costs incurred in connection with constructing or acquiring infrastructure or other tangible capital assets.

2. To reimburse the Province of Ontario for expenditures it incurs, directly or indirectly, in connection with constructing or acquiring infrastructure or other tangible capital assets.

Disposition of qualifying asset

3. (1) When a public entity disposes of a qualifying asset, the public entity shall promptly pay into the Consolidated Revenue Fund the amount that is required to be credited to the Trillium Trust under the regulations.

Amounts to be credited

(2) The Trillium Trust shall be credited with the following amounts:

1. In the case of a disposition of a qualifying asset by a public entity, an amount equal to the amount that has been paid into the Consolidated Revenue Fund under subsection (1).

2. In the case of a disposition of a qualifying asset by a ministry, an amount equal to the amount that is required to be credited to the Trillium Trust under the regulations and that has been paid into the Consolidated Revenue Fund.

Regulations

4. (1) Subject to the approval of the Lieutenant Governor in Council, the Treasury Board may make regulations,

(a) designating an asset of a ministry or a public entity as a qualifying asset for the purposes of this Act;

(b) prescribing the manner in which the net proceeds of disposition of a qualifying asset are to be calculated;

(c) designating the amount of the net proceeds of disposition of a qualifying asset that is to be credited to the Trillium Trust, or the method of calculating the amount;

(d) excluding physical structures, facilities or things from the definition of “infrastructure” in section 1;

(e) respecting the accounting for, and the reporting, management and administration of, the Trillium Trust.

Timing of regulation

(2) A regulation under clause (1) (a), (b) or (c) may be made before or after the disposition of the relevant asset.

Same

(3) A regulation under clause (1) (a) may designate an asset that was disposed of before the day this section comes into force as a qualifying asset for the purposes of this Act.

5. Omitted

(provides for coming into force of provisions of this Act).

6. Omitted (enacts short title of this Act).

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