§ 566-A — Tax contract by the state

New York § 566-A

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 3: Triborough Bridge Authority
• Art. 3: Bridge and Tunnel Authorities

Text

§ 566-a. Tax contract by the state. 1. It is hereby found, determined\nand declared that the authority and the carrying out of its corporate\npurposes is in all respects for the benefit of the people of the state\nof New York, for the improvement of their health, welfare and\nprosperity, and, in the case of some of the said purposes, for the\npromotion of their traffic, and that said purposes are public purposes\nand, in the case of those purposes which consist of vehicular bridges,\nvehicular tunnels and approaches thereto and the central business\ndistrict tolling program, the project is an essential part of the public\nhighway system and the authority will be performing an essential\ngovernmental function in the exercise of the powers conferred by this\ntitle, and the state of New York covenants with the purchasers and with\nall subsequent holders and transferees of bonds issued after January\nfirst, nineteen hundred thirty-nine by the authority pursuant to this\ntitle, in consideration of the acceptance of any payment for the bonds\nthat the bonds of the authority issued after January first, nineteen\nhundred thirty-nine pursuant to this title and the income therefrom, and\nall moneys, funds, tolls and other revenues pledged to pay or secure the\npayment of such bonds, shall at all times be free from taxation except\nfor estate taxes and taxes on transfers by or in contemplation of death.\n 2. Nothing herein shall be construed to repeal or supersede any tax\nexemptions heretofore or hereafter granted by general or other laws.\n