N.Y. Education Law § 492: Exemptions from taxation

§ 492. Exemptions from taxation. 1. It is hereby declared that the

creation of the fund and the carrying out of its corporate purposes is

in all respects for the benefit of the people of the city of Yonkers and

state of New York and for the improvement of their health, safety,

welfare and security and is a public purpose and the fund shall be

regarded as performing a governmental function in the exercise of the

powers conferred upon it by this article.

2. The monies and properties of the fund, including all properties

constructed, acquired, reconstructed, rehabilitated or improved by it or

on its behalf and all properties under its jurisdiction, control or

supervision, and all of its operations and activities shall be exempt

from taxation.

3. The notes and bonds of the fund issued pursuant to this article,

and the income therefrom, and all fees, charges, rents, gifts, grants,

revenues, receipts and other monies received or to be received by the

fund shall at all times be free from taxation, except for estate and

gift taxes and taxes on transfers.