§ 9 — Tax exemption and tax contract by the state

§ 9. Tax exemption and tax contract by the state. 1. It is hereby\ndetermined that the creation of the corporation and the carrying out of\nits corporate purposes are in all respects for the benefit of the people\nof the state of New York and are public purposes. Accordingly, the\ncorporation shall be regarded as performing an essential governmental\nfunction in the exercise of the powers conferred upon it by this act.\nThe property of the corporation, its income and its operations shall be\nexempt from taxation, assessments, special assessments and ad valorem\nlevies. The corporation shall not be required to pay any fees, taxes,\nspecial ad valorem levies or assessments of any kind, whether state or\nlocal, including, but not limited to, fees, taxes, special ad valorem\nlevies or assessments on real property, franchise taxes, sales taxes or\nother taxes, upon or with respect to any property owned by it or under\nits jurisdiction, control or supervision, or upon the uses thereof, or\nupon or with respect to its activities or operations in furtherance of\nthe powers conferred upon it by this act, or upon or with respect to any\nfares, tolls, rentals, rates, charges, fees, revenues or other income\nreceived by the corporation.\n 2. Any bonds issued pursuant to this act, their transfer and the\nincome therefrom 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 corporation\npursuant to this act, in consideration of the acceptance of and payment\nfor the bonds, that the bonds of the corporation issued pursuant to this\nact and the income therefrom and all revenues, moneys, and other\nproperty pledged to pay or to secure the payment of such bonds shall at\nall times be exempt from taxation.\n 4. In the case of any bonds of the corporation, interest on which is\nintended to be exempt from federal income tax, the corporation shall\nprescribe restrictions on the use of the proceeds thereof and related\nmatters only as are necessary to assure such exemption, and the\nrecipients of such proceeds shall be bound thereby to the extent such\nrestrictions shall be made applicable to them. Any such recipient,\nincluding, but not limited to, the state, a public benefit corporation,\na school district or municipality is authorized to execute a tax\nregulatory agreement with the corporation or the state, as the case may\nbe, and the execution of such an agreement may be treated by the\ncorporation or the state as a condition to receiving any such proceeds.\n