40. The Authority must acquire the equipment and infrastructures it has designated in accordance with section 39. The acquisition contract must specify the date and terms of transfer of the property. Only the amount disbursed by the local municipality or the public transit authority, exclusive of any government assistance paid to finance the acquisition, may be reimbursed, compensated or otherwise borne by the Authority.
Despite the first paragraph, the local municipality or public transit authority continues to service any debt relating to the financing of the property of which ownership has been transferred to the Authority. The local municipality or public transit authority remains responsible for the commitments arising out of the securities it has issued and such securities continue to constitute direct and general obligations of the owner. The Authority reimburses the local municipality or public transit authority, in principal and interest, according to the owner’s debt service payment schedule.
In cases of disagreement, the Communauté métropolitaine de Montréal determines that equipment or infrastructures referred to in the first paragraph are to come under the management of the Authority on the date specified by the Community.
The Authority may perform all the acts and exercise all the rights of an owner with regard to property which it does not own but which is under its management. For those purposes, the Authority is vested with the necessary powers and assumes the related obligations.