N.Y. NYS Project Finance Agency Act7/75 § 10: Exemption from taxation of notes and bonds

§ 10. Exemption from taxation of notes and bonds.

It is hereby determined that the creation of the agency is in all

respects for the benefit of the people of the state and for the

improvement of their health, safety, welfare, comfort and security, and

that said purposes are public purposes and that the agency will be

performing an essential governmental function in the exercise of the

powers conferred upon it by this act. The state covenants with the

purchasers and all subsequent holders and transferees of notes and bonds

issued by the agency, in consideration of the acceptance of and payment

for the notes and bonds, that the notes and bonds of the agency, issued

pursuant to this act and the income therefrom and all its fees, charges,

gifts, grants, revenues, receipts, and other monies received or to be

received, pledged to pay or secure the payment of such notes or bonds

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

taxes and taxes on transfers.