§ 10 — Exemption from taxation of notes and bonds

New York § 10

• Jurisdiction: New York
• Law NYP: NYS Project Finance Agency Act7/75

Text

§ 10. Exemption from taxation of notes and bonds.\n It is hereby determined that the creation of the agency is in all\nrespects for the benefit of the people of the state and for the\nimprovement of their health, safety, welfare, comfort and security, and\nthat said purposes are public purposes and that the agency will be\nperforming an essential governmental function in the exercise of the\npowers conferred upon it by this act. The state covenants with the\npurchasers and all subsequent holders and transferees of notes and bonds\nissued by the agency, in consideration of the acceptance of and payment\nfor the notes and bonds, that the notes and bonds of the agency, issued\npursuant to this act and the income therefrom and all its fees, charges,\ngifts, grants, revenues, receipts, and other monies received or to be\nreceived, pledged to pay or secure the payment of such notes or bonds\nshall at all times be free from taxation, except for estate and gift\ntaxes and taxes on transfers.\n