§ 2799-LL — Tax exemption and tax contract by the state

New York § 2799-LL

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 33: New York City Transitional Finance Authority
• Art. 8: Miscellaneous Authorities

Text

§ 2799-ll. Tax exemption and tax contract by the state. 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 of New York and is a public purpose. Accordingly,\nthe authority 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, including, but not limited\nto, franchise taxes, sales taxes or other taxes, upon or with respect to\nany property owned by it or under its jurisdiction, control or\nsupervision, or upon the uses thereof, or upon or with respect to its\nactivities or operations in furtherance of the powers conferred upon it\nby this title, or upon or with respect to any fares, tolls, rentals,\nrates, charges, fees, revenues or other income received by the\nauthority.\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