New York § 1199-N Exemption from taxes, assessments and certain fees

New York Statutes

§ 1199-N — Exemption from taxes, assessments and certain fees

New York § 1199-N

Law PBAPublic Authorities

Title 8-DRensselaer County Water and Sewer Authority

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1199-N (2026).

Text

§ 1199-n. 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 county and the state and is a public purpose and the\nauthority shall be regarded as performing a governmental function in the\nexercise of the powers conferred upon it by this title and shall not be\nrequired 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 o

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§ 1199-n. 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 county and the state and is a public purpose and the\nauthority shall be regarded as performing a governmental function in the\nexercise of the powers conferred upon it by this title and shall not be\nrequired 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 or the county,\nincluding improvements thereon, by any person or public corporation\nunder a lease, lease and sublease or any other agreement shall not\noperate to abrogate or limit the foregoing exemption, notwithstanding\nthat the lessee, user, occupant or person in possession shall claim\nownership for federal income tax purposes.\n 2. 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 other properties and activities of the\nauthority shall be exempt from taxes and governmental fees or charges,\nwhether imposed by the state or any municipality, including real estate\ntaxes, franchise taxes, sales taxes or other excise taxes.\n 3. The state hereby covenants with the purchaser 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 two 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 such taxation as aforestated in such\nsubdivision.\n