§ 1045-U — Exemption from taxes, assessments and certain fees; payments in lieu of taxes

New York § 1045-U

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 2-A: New York City Municipal Water Finance Authority
• Art. 5: Public Utility Authorities

Text

§ 1045-u. Exemption from taxes, assessments and certain fees; payments\nin lieu of taxes. 1. It is hereby determined that the creation of the\nauthority and the carrying out of its corporate purposes is in all\nrespects for the benefit of the people of the city and of the state and\nis a public purpose and the authority shall be regarded as performing a\ngovernmental function in the exercise of the powers conferred upon it by\nthis title and shall not be required to pay any taxes, special ad\nvalorem levies or special assessments upon any real property owned by it\nor any filing, recording or transfer fees or taxes in relation to\ninstruments filed, recorded or transferred by it or on its behalf. The\nauthority shall be deemed a public authority for the purposes of section\nfour hundred twelve of the real property tax law.\n 2. Notwithstanding any provision in this section to the contrary, the\nauthority may pay, or may enter into agreements with any municipality to\npay, a sum or sums, annually or otherwise, or to provide other\nconsiderations to such municipality with respect to real property owned\nby the authority located within such municipality.\n 3. Any bonds issued pursuant to this title together with the income\ntherefrom shall be exempt from taxation except for transfer and estate\ntaxes. The revenues, moneys and all other property and activities of the\nauthority shall be exempt from all taxes and governmental fees or\ncharges, whether imposed by the state or any municipality, including\nwithout limitation real estate taxes, franchise taxes, sales taxes or\nother excise taxes. The state hereby covenants with the purchasers and\nwith all subsequent holders and transferees of bonds issued by the\nauthority pursuant to this title, in consideration of the acceptance of\nand payment for the bonds, that the bonds of the authority issued\npursuant to this title and the income therefrom shall be free from such\ntaxation, as aforestated herein, and that all revenues, moneys, and\nother property pledged to secure the payment of such bonds shall at all\ntimes be free from such taxes as aforestated herein.\n