New York Consolidated Laws, Public Authorities Law - PBA § 2444. Exemption from taxation of bonds, notes and tax lien collateralized securities

It is hereby determined that the creation of the agency is in all respects for the benefit of the people of the state, for the improvement of their health and welfare, and for the promotion of the economy, and that said purposes are public purposes and the agency will be performing an essential governmental function in the exercise of the powers conferred upon it by this title, and the state covenants with the purchasers and all subsequent holders and transferees of bonds, notes, and tax lien collateralized securities issued by the agency and its tax lien entity, in consideration of the acceptance of and payment for the bonds, notes, and tax lien collateralized securities that the bonds, notes and tax lien collateralized securities of the agency, and its tax lien entity, issued pursuant to this title and the income therefrom and all its fees, charges, gifts, grants, revenues, receipts, and other moneys received or to be received, pledged to pay or secure the payment of such bonds, notes or tax lien collateralized securities shall at all times be free from taxation, except for estate or gift taxes and taxes on transfers.