1. It is hereby found, determined and declared that the authority and the carrying
out of its corporate purposes is in all respects for the benefit of the people of
the state of New York, and the authority will be performing an essential governmental
function in the exercise of the powers conferred by this title, and the state of New
York covenants with the purchasers and with all subsequent holders and transferees
of bonds and notes of the authority issued pursuant to this title, in consideration
of the acceptance of any payments for such bonds and notes, that such bonds and notes
of the authority issued pursuant to this title and the income therefrom, and all moneys,
funds, fares and other revenues pledged to pay or secure the payment of such bonds
and notes, shall at all times be free from taxation except for estate taxes and taxes
on transfers by or in contemplation of death.
2. Nothing herein shall be construed to repeal or supersede any tax exemptions heretofore
or hereafter granted by general or other laws.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.