N.Y. Public Authorities Law § 2413: Exemption from taxation of bonds and notes and insurance commitments and loans

§ 2413. Exemption from taxation of bonds and notes and insurance

commitments and loans. It is hereby determined that the creation of the

agency is in all respects for the benefit of the people of the state,

for the improvement of their health and welfare, and for the promotion

of the economy, and that said purposes are public purposes and the

agency will be performing an essential governmental function in the

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

covenants with the purchasers and all subsequent holders and transferees

of bonds and notes issued by the agency, in consideration of the

acceptance of and payment for the bonds and notes, that the bonds and

notes of the agency, issued pursuant to this title and the income

therefrom and all its fees, charges, gifts, grants, revenues, receipts,

and other moneys received or to be received, pledged to pay or secure

the payment of such bonds or notes shall at all times be free from

taxation, except for estate or gift taxes and taxes on transfers and in

addition all other property of the agency and its income and operations

shall be exempt from taxation.