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This entry was published on 2014-09-22
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Bonds and property of the authority exempt from taxation
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 4
§ 1082. Bonds and property of the authority exempt from taxation. It
is hereby determined that the creation of the authority and the carrying
out of its corporate purposes is in all respects for the benefit of the
people of the county, and is a public purpose, and the authority shall
be regarded as performing a governmental function in the exercise of the
powers conferred upon it by this title and shall not be required to pay
any taxes, special ad valorem levies or special assessments upon any
property owned by it or under its jurisdiction, control or supervision
or upon its activities, or any filing, recording or transfer taxes in
relation to instruments filed, recorded or transferred by it or on its
behalf. Any bonds or notes issued pursuant to this title, together with
the income therefrom shall be exempt from taxation, except for transfer
and estate taxes. The revenues, monies and other properties and the
activities of the authority shall be exempt from taxes and governmental
fees or charges, whether imposed by the state or any municipality,
including real estate taxes, franchise taxes or other excise taxes. The
state of New York covenants with the purchasers and with all subsequent
holders and transferees of bonds and notes issued by the authority
pursuant to this title, in consideration of the acceptance of and
payment for the bonds and notes that the bonds and notes of the
authority issued pursuant to this title and the income therefrom, and
all moneys, funds and revenues pledged to pay or secure the payment of
such bonds and notes, shall at all times be free from taxation except
for transfer and estate taxes.