N.Y. Public Authorities Law § 2050-n: Exemption from taxes, assessments and certain fees

§ 2050-n. Exemption from taxes, assessments and certain fees. 1. It is

hereby determined that the creation of the agency and the carrying out

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

people of the county and the state and is a public purpose and the

agency 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 or assessments upon any property owned by it

or under its jurisdiction, control or supervision or upon its

activities, or any filing, recording or transfer fees or taxes in

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

behalf. The construction, use, occupation or possession of any property

owned by the agency or the county, including improvements thereon, by

any person or public corporation under a lease, lease and sublease or

any other agreement shall not operate to abrogate or limit the foregoing

exemption, notwithstanding that the lessee, user, occupant or person in

posssession shall claim ownership for federal income tax purposes. The

agency shall be deemed a public authority for the purposes of section

four hundred twelve of the real property tax law.

2. Any bonds issued pursuant to this title together with the income

therefrom as well as the property of the agency shall be exempt from

taxes, except for transfer and estate taxes. The state hereby covenants

with the purchasers and with all subsequent holders and transferees of

bonds issued by the agency pursuant to this title, in consideration of

the acceptance of any payment for the bonds, that the bonds of the

agency issued pursuant to this title and the income therefrom and all

revenues, moneys and other property pledged to secure the payment of

such bonds shall at all times be free from taxation, except for transfer

and estate taxes.