§ 420-E — Exemption from taxation

§ 420-e. Exemption from taxation. It is hereby found, determined and\ndeclared that the creation of the fund and the carrying out of its\npurposes is in all respects for the benefit of the people of the state\nof New York and for the improvement of their health, welfare and\nprosperity and is a public purpose, and that the fund will be performing\nan essential governmental function in the exercise of the powers\nconferred upon it by this article, and that the fund shall be required\nto pay no fees, taxes or assessments, whether state or local, including\nbut not limited to fees, taxes or assessments on real estate, franchise\ntaxes, sales taxes or other excise taxes, upon its activities as an\ninsurer; and that all income received by the fund and that the bonds of\nthe fund and the income therefrom shall at all times be exempt from\ntaxation, except for gift and estate taxes and taxes on transfers. This\nsection shall constitute a covenant and agreement with the holders of\nall bonds issued by the fund.\n