N.Y. Public Authorities Law § 1685: Exemptions from taxation

§ 1685. Exemptions from taxation. It is hereby found, determined and

declared 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 state of New York, for the improvement of their education, welfare

and prosperity, and is a public purpose, and that the dormitories of the

authority are an essential part of the state education system, and that

the authority will be performing an essential governmental function in

the exercise of the powers conferred upon it by this title, and the

state of New York covenants with the holders of the bonds that the

authority shall be required to pay no taxes or assessments upon any of

the property acquired by it or under its jurisdiction, control,

possession or supervision or upon its activities in the operation and

maintenance of such dormitories or any moneys, revenues or other income

received by the authority and that the bonds of the authority and the

income therefrom shall at all times be exempt from taxation, except for

transfer and estate taxes.