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The Laws of New York
Consolidated Laws of New York
CHAPTER 43-A
Public Authorities
ARTICLE 8
Miscellaneous Authorities
TITLE 12
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SECTION 1981
Exemption from taxes
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TITLE 12
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SECTION 1983
Remedies of bondholders
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SECTION 1982
Tax contract by the state
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 12
§ 1982. Tax contract by the state. 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 payments 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.