For Immediate Release

February 14, 2006

LOW-COST LOAN ANNOUNCED FOR KINGSTON INFRASTRUCTURE SHOWS GOVERNMENT’S COMMITMENT TO LOCAL COMMUNITIES

KINGSTON – The McGuinty government is helping Kingston renew critical public infrastructure by giving the City of Kingston access to low-cost, longer-term, fixed-rate loans through the Ontario Strategic Infrastructure Financing Authority (OSIFA), MPP John Gerretsen announced today.

“Today’s announcement is good news for the infrastructure needs in our community,” said Gerretsen.  “Our residents depend on public infrastructure for their everyday needs.  Renewing that infrastructure provides them with a stronger community and the means for an improved quality of life.”

Kingston has been approved for up to $43,920,000 in low-cost, longer-term, fixed-rate financing from OSIFA, subject to OSIFA’s technical and credit reviews, to renew recreational infrastructure.  To date, OSIFA has committed to provide more than $2.4 billion in low-cost, longer-term financing to more than 190 Ontario municipalities for more than 1,200 local infrastructure projects.

The government also announced that OSIFA’s infrastructure renewal loan program will be open for applications on a continuous basis.

OSIFA and Infrastructure Ontario support the government’s ReNew Ontario strategic infrastructure investment plan by ensuring that the government’s infrastructure financing activities, including direct capital expenditure, pooled financing and alternative financing and procurement, are delivered in a coordinated and consistent manner. 

Infrastructure Ontario is a new agency established in November 2005 to strengthen the government’s ability to expand and improve the province’s infrastructure. Later this year, the government plans to introduce legislative changes that, if passed, would give Infrastructure Ontario responsibility for overseeing OSIFA.

OSIFA issues Infrastructure Renewal Bonds (IRBs) to finance its Infrastructure Renewal Loan Program. For more information please visit www.osifa.on.ca.