§ 20.33. Exemption from taxation.
1.It is hereby determined that the\ncreation of a trust pursuant to this article and the carrying out of its\ncorporate purposes are in all respects for the benefit of the people of\nthe state, for the improvement of their health and welfare, and for the\npromotion of the economy; that said purposes are public purposes; and\nthat a trust will perform an essential governmental function by\nexercising the powers conferred upon it by this article and by special\nlaw.\n 2. Notwithstanding any other provision of any other law to the\ncontrary, the income, monies, operations and properties of a trust shall\nbe exempt from taxation, including without limitation any and all state\nand local income, franchise, occupancy, transfer, recording, real\nproperty, sal
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§ 20.33. Exemption from taxation. 1. It is hereby determined that the\ncreation of a trust pursuant to this article and the carrying out of its\ncorporate purposes are in all respects for the benefit of the people of\nthe state, for the improvement of their health and welfare, and for the\npromotion of the economy; that said purposes are public purposes; and\nthat a trust will perform an essential governmental function by\nexercising the powers conferred upon it by this article and by special\nlaw.\n 2. Notwithstanding any other provision of any other law to the\ncontrary, the income, monies, operations and properties of a trust shall\nbe exempt from taxation, including without limitation any and all state\nand local income, franchise, occupancy, transfer, recording, real\nproperty, sales and compensating use taxation. Any combined-use\nfacility, including the non-institutional portion thereof, any facility\nfor a not-for-profit cultural organization and any public television\nfacility with respect to which a trust entered an agreement prior to\nJanuary first, nineteen hundred ninety which has been developed by or on\nbehalf of, or pursuant to an agreement with, or in whole or in part with\nthe proceeds of a loan from a trust and any real property in or on which\nall or any part of any such facility prior to completion is designed to\nbe and upon completion is developed shall be exempt from real property\ntaxation from and after the date on which such real property has first\nbeen conveyed to the trust, or in the case of the development of a\npublic television facility with respect to which a trust entered an\nagreement prior to January first, nineteen hundred ninety by a public\ntelevision station or a facility for a not-for-profit cultural\norganization in whole or in part with proceeds of a loan from a trust,\nfrom and after the date on which such real property has first been\nconveyed to such station. In the case of a combined-use facility for a\nperforming arts center with respect to which a trust entered an\nagreement prior to January first, nineteen hundred ninety, the\nnon-institutional portion shall not be exempt from real property\ntaxation from and after the date a trust conveys such non-institutional\nportion to any non-exempt third party.\n 3. The state covenants with all holders and transferees of bonds and\nnotes issued by a trust, in consideration of the acceptance of and\npayment for the bonds and notes, that the bonds and notes of the trust,\nand the interest thereon and income therefrom and all its properties,\nincome, fees, charges, gifts, grants, revenues, receipts, and other\nmonies received or to be received, shall at all times be free from\nincome and other taxation, except for estate or gift taxes on such bonds\nand notes and taxes on transfers.\n