R-25.02 - Act respecting the Réseau électrique métropolitain

Section 38 Disposition versions

2017-09-27

38. The Fund and the Authority may enter into an agreement that stipulates the Authority’s financial contribution to the REM project.

The following sums constitute the Authority’s contribution:

(1)  $512,000,000 in lieu of land value capture;

(2)  the other sums paid at the intervals determined by the Fund and the Authority until the financing target they set is reached, up to a maximum amount of $600,000,000 and for a period not exceeding 50 years.

A payment referred to in subparagraph 2 of the second paragraph for a given period may not, for the same period, exceed the proceeds of the dues established under Chapter V.1 of the Act respecting the Autorité régionale de transport métropolitain (chapter A-33.3) and collected with respect to the REM.

An agreement entered into under the first paragraph ends if the Fund transfers all or part of its rights, titles and interests in the land constituting the site of the REM’s guideway. Such an agreement is not binding unless it is approved, with or without amendment, by the Minister.

Failing agreement between the Authority and the Fund within the time specified by the Minister, the Minister may determine the terms and conditions of such an agreement, which agreement is then deemed to have been entered into between the Authority and the Fund.

2017, c. 17, s. 38.