N.Y. Public Authorities Law § 1082: Bonds and property of the authority exempt from taxation

§ 1082. Bonds and property of the authority exempt from taxation. It

is hereby determined that the creation of the authority and the carrying

out of its corporate purposes is in all respects for the benefit of the

people of the county, and is a public purpose, and the authority shall

be regarded as performing a governmental function in the exercise of the

powers conferred upon it by this title and shall not be required to pay

any taxes, special ad valorem levies or special assessments upon any

property owned by it or under its jurisdiction, control or supervision

or upon its activities, or any filing, recording or transfer taxes in

relation to instruments filed, recorded or transferred by it or on its

behalf. Any bonds or notes issued pursuant to this title, together with

the income therefrom shall be exempt from taxation, except for transfer

and estate taxes. The revenues, monies and other properties and the

activities of the authority shall be exempt from taxes and governmental

fees or charges, whether imposed by the state or any municipality,

including real estate taxes, franchise taxes or other excise taxes. 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

payment 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.