N.Y. Public Authorities Law § 2064: Exemptions from taxation

* § 2064. Exemptions from taxation. It is hereby found, determined and

declared that the creation of the authority and the carrying out of its

corporate purposes will alleviate juvenile delinquency, will improve the

general health and welfare, will in all respects benefit the people of

the state of New York, and constitutes a public purpose, 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 the project or any tolls, 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.

* NB Authority dissolved September 1, 1977