N.Y. Public Authorities Law § 3019: Exemption from taxation

§ 3019. Exemption from taxation. 1. It is hereby determined that the

creation of a 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 a corporation will be performing an essential

governmental function in the exercise of the powers conferred upon it by

this act.

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

be exempt from taxation.

3. The notes and bonds of a corporation issued pursuant to authority

granted in the special act creating it or this act 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 notes or bonds shall at all times be free from

taxation, except for estate and gift taxes and taxes on transfers.