N.Y. Public Authorities Law § 1020-p: Exemption from taxation

* § 1020-p. Exemption from taxation. 1. It is hereby found and

declared that the operation of the authority is primarily for the

benefit of the people of the state of New York, for the improvement of

their health, welfare and prosperity, and is a public purpose, and the

authority shall be regarded as performing an essential governmental

function in carrying out the provisions of this title.

2. The authority shall be required to pay no taxes nor assessments

upon any of the property acquired or controlled by it or upon its

activities in the operation and maintenance thereof or upon income

derived therefrom, provided that nothing herein shall prevent the

authority from entering into agreements to make payments in lieu of

taxes with the governing bodies of municipalities, as provided for in

section one thousand twenty-q of this title.

3. The securities and other obligations issued by the authority, their

transfer and the income therefrom shall, at all times, be free from

taxation by the state or any municipality, except for estate and gift

taxes.

* NB There are 2 § 1020-p's