§ 1366 — Exemption from taxation

§ 1366. Exemption from taxation. It is hereby determined that the\ncreation of the authority and the carrying out of its corporate purposes\nis in all respects for the benefit of the people of Oswego and its\nenvirons, and is a public purpose, and the authority shall be regarded\nas performing a governmental function in the exercise of the powers\nconferred upon it by this act and shall be required to pay no taxes or\nassessments upon any of the properties acquired by the authority or\nunder its jurisdiction, control or supervision, or upon its activities.\nBonds or notes issued pursuant to this act, together with the income\ntherefrom, as well as the property of the authority shall be exempt from\ntaxation except for transfer and estate taxes.\n