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This entry was published on 2014-09-22
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Tax contract by the state
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 7
§ 1164. Tax contract by the state. The state of New York covenants
with the purchasers and with all subsequent holders and transferees of
bonds or notes issued by the authority pursuant to this title, in
consideration of the acceptance of and payment for the bonds or 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 or notes, shall at all times be
free from taxation except for transfer and estate taxes.