§ 1020-M*2 — Exemption from taxes

New York § 1020-M*2

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 1-A*: Green Island Power Authority
• Art. 5: Public Utility Authorities

Text

* § 1020-m. Exemption from taxes. 1. It is hereby determined that the\ncreation of the authority and the carrying out of its corporate purposes\nis in all respects for the benefit of the people of the village and its\nenvirons, and is a public purpose, and the authority shall be regarded\nas performing a governmental function in the exercise of the powers\nconferred upon it by this title and shall not be required to pay any\ntaxes, special ad valorem levies or special assessments upon any of the\nproperties acquired by it or under its jurisdiction or control or\nsupervision or upon its activities or any filing, recording or transfer\nfees or taxes in relation to instruments filed, recorded or transferred\nby it or on its behalf.\n 2. Any bonds issued pursuant to this title, together with the income\ntherefrom, shall be exempt from taxation except for estate and transfer\ntaxes. The revenues, moneys and all other properties of the authority\nshall be exempt from all taxes and governmental fees or charges, whether\nimposed by the state or any municipality, including without limitation\nreal estate taxes, franchise taxes, sales taxes or other excise taxes.\n * NB There are 2 § 1020-m's\n