N.Y. Public Authorities Law § 585: Bonds and notes to be tax exempt

§ 585. Bonds and notes to be tax exempt. 1. It is hereby determined

that the creation of the authority and the carrying out of its corporate

purposes is a public purpose, and the authority shall be regarded as

performing a governmental function in the exercise of the powers

conferred upon it by this title and shall be required to pay no taxes or

assessments upon any of the property acquired by it or under its

jurisdiction or control or supervision or upon its activities, or upon

the income therefrom.

2. Any bonds or notes issued pursuant to this title, together with the

income therefrom, as well as the property of the authority, shall be

exempt from taxation, except for transfer and estate taxes.