§ 1232-M — Tax exemption and tax contract by the state

§ 1232-m. Tax exemption and tax contract by the state. 1. It is hereby\ndetermined that the creation of the authority and the carrying out of\nits corporate purposes is in all respects for the benefit of the people\nof the state of New York and is a public purpose. Accordingly, the\nauthority shall be regarded as performing an essential governmental\nfunction in the exercise of the powers conferred upon it by this title,\nand the authority shall not be required to pay any fees, taxes, special\nad valorem levies or assessments of any kind, whether state or local,\nincluding but not limited to fees, taxes, special ad valorem levies or\nassessments on real property, franchise taxes, sales taxes or other\ntaxes, upon or with respect to any property owned by it or under its\njurisdiction, control or supervision, or upon the uses thereof, or upon\nor with respect to its activities or operations in furtherance of the\npowers conferred upon it by this title, or upon or with respect to any\nfares, tolls, rentals, rates, charges, fees, revenues or other income\nreceived by the authority.\n 2. Any bonds issued pursuant to this title together with the income\ntherefrom shall at all times be exempt from taxation.\n 3. 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 and all revenues, monies, and\nother property pledged to pay or to secure the payment of such bonds\nshall at all times be free from taxation.\n