Section 2040-N. Tax exemption  


Latest version.
  • 1. It is hereby determined that the creation
      of the authority and the carrying out of its corporate  purposes  is  in
      all respects for the benefit of the people of the towns and the state of
      New York and 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  real  property  or  improvements  thereon
      acquired  by  it  or under its jurisdiction or control or supervision or
      upon its activities.
        2. The bonds or notes issued pursuant to this title, together with 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 and gift taxes and taxes on transfers.