N.Y. Public Authorities Law § 2444: Exemption from taxation of bonds, notes and tax lien collateralized securities

§ 2444. Exemption from taxation of bonds, notes and tax lien

collateralized securities. 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, notes, and tax lien collateralized securities issued by the

agency and its tax lien entity, in consideration of the acceptance of

and payment for the bonds, notes, and tax lien collateralized securities

that the bonds, notes and tax lien collateralized securities of the

agency, and its tax lien entity, 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, notes or tax lien collateralized

securities shall at all times be free from taxation, except for estate

or gift taxes and taxes on transfers.