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This entry was published on 2015-10-09
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SECTION 536
Tax contract by the state
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 3, TITLE 2
§ 536 Tax contract by the state. (1) 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 making of any 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, tolls and other revenue
pledged to pay or secure the payment of such bonds and notes, shall at
all times be free from taxation except for estate taxes and taxes on
transfers by or in contemplation of death.

(2) Nothing herein shall be construed to repeal or supersede any tax
exemptions heretofore or hereafter granted by general or other laws.