This stylized O is meant to represent both a maple leaf (symbolizing Canada) and the Peace Tower and Centre Block of the parliament buildings (symbolizing Ottawa). It is meant to be simple, but look festive, and to create a feeling of vibrant motion when flying.
The design uses the blue and green colours chosen to represent the new City of Ottawa. The blue is symbolic of rivers and waterways that are part of the Ottawa region, such as the Ottawa River. The large green areas speak to the large green space and quality of life in the area, as well as the forests, trees, and parkland within the city. It was adopted January 1, 2000 following the creation of the Ottawa "megacity".
Looks like it should be for a place that gets hit with a bunch of hurricanes