§ 2490-N — Exemption from taxes, assessments and certain fees

§ 2490-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 state and is a public purpose and the authority shall be\nregarded as performing a governmental function in the exercise of the\npowers conferred upon it by this title and shall not be required to pay\nany taxes or assessments upon any property owned by it or under its\njurisdiction, control or supervision or upon its activities, or any\nfiling, recording or transfer fees or taxes in relation to instruments\nfiled, recorded or transferred by it or on its behalf. The construction,\nuse, occupation or possession of any property owned by the authority,\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. The authority shall be deemed\na public authority for the purposes of section four hundred twelve of\nthe real property 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 state hereby covenants\nwith the purchasers and with all subsequent holders and transferees of\nbonds issued by the authority pursuant to this title, in consideration\nof the acceptance of and payment for the bonds, that the bonds of the\nauthority issued pursuant to this title and the income therefrom and all\nrevenues, moneys, and other property pledged to secure the payment of\nsuch bonds shall at all times be free from taxation, except for transfer\nand estate taxes.\n