N.Y. Public Authorities Law § 2479: Exemption from taxation of bonds and notes

* § 2479. Exemption from taxation of bonds and notes. It is hereby

determined that the creation of the authority 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 authority 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

authority, in consideration of the acceptance of and payment for the

bonds and notes, that the bonds and notes of the authority, 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.

* NB (Disbanded March, 1980)