§ 1082 — Bonds and property of the authority exempt from taxation

New York § 1082

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4: Suffolk County Water Authority
• Art. 5: Public Utility Authorities

Text

§ 1082. Bonds and property of the authority exempt from taxation. It\nis hereby determined that the creation of the authority and the carrying\nout of its corporate purposes is in all respects for the benefit of the\npeople of the county, and is a public purpose, and the authority shall\nbe regarded as performing a governmental function in the exercise of the\npowers conferred upon it by this title and shall not be required to pay\nany taxes, special ad valorem levies or special assessments upon any\nproperty owned by it or under its jurisdiction, control or supervision\nor upon its activities, or any filing, recording or transfer taxes in\nrelation to instruments filed, recorded or transferred by it or on its\nbehalf. Any bonds or notes issued pursuant to this title, together with\nthe income therefrom shall be exempt from taxation, except for transfer\nand estate taxes. The revenues, monies and other properties and the\nactivities of the authority shall be exempt from taxes and governmental\nfees or charges, whether imposed by the state or any municipality,\nincluding real estate taxes, franchise taxes or other excise taxes. The\nstate of New York covenants with the purchasers and with all subsequent\nholders and transferees of bonds and notes issued by the authority\npursuant to this title, in consideration of the acceptance of and\npayment for the bonds and notes that the bonds and notes of the\nauthority issued pursuant to this title and the income therefrom, and\nall moneys, funds and revenues pledged to pay or secure the payment of\nsuch bonds and notes, shall at all times be free from taxation except\nfor transfer and estate taxes.\n