New York § 372 Tax covenant

New York Statutes

§ 372 — Tax covenant

New York·Law PBA Public Authorities·Title 9 New York State Thruway Authority·Art. 2 Park, Parkway and Highway Authorities

  § 372. Tax covenant. The state covenants with the purchasers and with\nall subsequent holders and transferees of notes and bonds issued by the\nauthority, in consideration of the acceptance of and payment for the\nnotes and bonds, that the notes and bonds of the authority issued\npursuant to this title and the income therefrom and all its fees,\ncharges, rents, gifts, grants, revenues, receipts and other moneys\nreceived or to be received, pledged to pay or secure the payment of such\nnotes or bonds shall at all times be free from taxation except for\nestate or gift taxes and taxes on transfers.\n

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§ 372. Tax covenant. The state covenants with the purchasers and with\nall subsequent holders and transferees of notes and bonds issued by the\nauthority, in consideration of the acceptance of and payment for the\nnotes and bonds, that the notes and bonds of the authority issued\npursuant to this title and the income therefrom and all its fees,\ncharges, rents, gifts, grants, revenues, receipts and other moneys\nreceived or to be received, pledged to pay or secure the payment of such\nnotes or bonds shall at all times be free from taxation except for\nestate or gift taxes and taxes on transfers.\n

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