New York § 1149-M Exemption from taxes, assessments and certain fees; payments in lieu of taxes

New York Statutes

§ 1149-M — Exemption from taxes, assessments and certain fees; payments in lieu of taxes

New York § 1149-M

Law PBAPublic Authorities

Title 6-ESeneca County Water and Sewer Authority

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1149-M (2026).

Text

§ 1149-m. 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 county and 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.\n 2. The authority may pay, or may enter into agreements with any\nmunicipality not located

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§ 1149-m. 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 county and 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.\n 2. The authority may pay, or may enter into agreements with any\nmunicipality not located within the county to pay, a sum or sums\nannually or otherwise or to provide other considerations to such\nmunicipality with respect to real property owned by the authority\nlocated within such municipality and constituting a part of its water or\nsewerage system.\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 all activities of\nthe authority 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.\n 4. The state hereby covenants with the purchasers and with all\nsubsequent holders and transferees of bonds issued by the authority\npursuant to this title, in consideration of the acceptance of and\npayment for the bonds, that the bonds of the authority issued pursuant\nto this title and the income therefrom shall be exempt from taxation as\naforestated in subdivision three of this section, and that all revenues,\nmoneys, and other property pledged to secure the payment of such bonds\nshall at all times be free from taxation as aforestated in such\nsubdivision.\n