§ 20.33. Exemption from taxation. 1. It is hereby determined that the
creation of a trust pursuant to this article and the carrying out of its
corporate purposes are in all respects for the benefit of the people of
the state, for the improvement of their health and welfare, and for the
promotion of the economy; that said purposes are public purposes; and
that a trust will perform an essential governmental function by
exercising the powers conferred upon it by this article and by special
law.

2. Notwithstanding any other provision of any other law to the
contrary, the income, monies, operations and properties of a trust shall
be exempt from taxation, including without limitation any and all state
and local income, franchise, occupancy, transfer, recording, real
property, sales and compensating use taxation. Any combined-use
facility, including the non-institutional portion thereof, any facility
for a not-for-profit cultural organization and any public television
facility with respect to which a trust entered an agreement prior to
January first, nineteen hundred ninety which has been developed by or on
behalf of, or pursuant to an agreement with, or in whole or in part with
the proceeds of a loan from a trust and any real property in or on which
all or any part of any such facility prior to completion is designed to
be and upon completion is developed shall be exempt from real property
taxation from and after the date on which such real property has first
been conveyed to the trust, or in the case of the development of a
public television facility with respect to which a trust entered an
agreement prior to January first, nineteen hundred ninety by a public
television station or a facility for a not-for-profit cultural
organization in whole or in part with proceeds of a loan from a trust,
from and after the date on which such real property has first been
conveyed to such station. In the case of a combined-use facility for a
performing arts center with respect to which a trust entered an
agreement prior to January first, nineteen hundred ninety, the
non-institutional portion shall not be exempt from real property
taxation from and after the date a trust conveys such non-institutional
portion to any non-exempt third party.

3. The state covenants with all holders and transferees of bonds and
notes issued by a trust, in consideration of the acceptance of and
payment for the bonds and notes, that the bonds and notes of the trust,
and the interest thereon and income therefrom and all its properties,
income, fees, charges, gifts, grants, revenues, receipts, and other
monies received or to be received, shall at all times be free from
income and other taxation, except for estate or gift taxes on such bonds
and notes and taxes on transfers.