N.Y. Public Authorities Law § 2545: Exemption from taxation

§ 2545. Exemption from taxation. 1. It is hereby determined that the

creation of the corporation and the carrying out of its corporate

purpose is in all respects a public and governmental purpose for the

benefit of the people of the state and for the improvement of their

health, safety, welfare, comfort and security, and that said purposes

are public purposes and that the corporation will be performing an

essential governmental function in the exercise of the powers conferred

upon it by this title.

2. The property of the corporation and its income and operations shall

be exempt from taxation.

3. The notes and bonds of the corporation issued pursuant to this

title and the income therefrom and all its fees, charges, gifts, grants,

revenues, receipts, and other monies received or to be received, pledged

to pay or secure the payment of such notes or bonds shall at all times

be free from taxation, except for estate and gift taxes and taxes on

transfers.