§ 1147-Q — Exemption from taxes, assessments and certain fees

New York § 1147-Q

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 6-D: Alfred, Almond, Hornellsville Sewer Authority
• Art. 5: Public Utility Authorities

Text

§ 1147-q. Exemption from taxes, assessments and certain fees. 1. It is\nhereby 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 village of Almond and the people of the towns of Almond,\nAlfred and that portion of the town of Hornellsville within the\nboundaries of the authority and the state and is a public purpose and\nthe authority shall be regarded as performing a governmental function in\nthe exercise of the powers conferred upon it by this title and shall not\nbe required to pay any taxes, special ad valorem levies or special\nassessments upon any property owned by it or under its jurisdiction,\ncontrol or supervision or upon its activities or any filing, recording,\nor transfer fees or taxes in relation to instruments filed, recorded or\ntransferred by it or on its behalf. The construction, use, occupation or\npossession of any property owned by the authority including improvements\nthereon, by any person or public corporation under a lease, lease and\nsublease or any other agreement shall not operate to abrogate or limit\nthe foregoing exemption, notwithstanding that the lessee, user, occupant\nor person in possession shall claim ownership for federal income tax\npurposes. Mortgages made or financed, directly or indirectly, by the\nauthority shall be exempt from the mortgage recording taxes imposed by\narticle eleven of the tax law. The authority shall be deemed a public\nauthority for the purposes of section four hundred twelve of the real\nproperty tax law.\n 2. Any bonds issued pursuant to this title together with the income\ntherefrom as well as the property of the authority shall be exempt from\ntaxes, except for transfer and estate taxes. The revenues, moneys and\nall other property and all transactions and activities 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.\nThe state hereby covenants with the purchasers and with all subsequent\nholders and transferees of bonds issued by the authority pursuant to\nthis title, in consideration of the acceptance of any payment of the\nbonds, that the bonds of the authority issued pursuant to this title and\nthe income therefrom and all revenues, moneys, and other property\npledged to secure the payment of such bonds shall at all times be free\nfrom taxation except for transfer and estate taxes.\n