§ 657. Tax exemption of corporation. 1. The property, income,\nobligations and activities of the corporation shall be exempt from all\ntaxes and assessments.\n 2. The state of New York does hereby pledge to and agree with the\nholders of the bonds, notes, or other obligations of the corporation\npursuant to this article, or of the state of New York mortgage agency\nauthorized in section two thousand four hundred six of the public\nauthorities law for the corporate purposes authorized in section two\nthousand four hundred five-a of the public authorities law, or of any\nother state entity authorized to issue bonds or notes under the New York\neducation loan program codified in part V of this article that are\nissued for such purpose, and with the holders of such education loans,\nthat the provisions of law applicable to the New York education loan\nprogram variable rate default reserve fund, the New York education loan\nprogram fixed rate default reserve fund, or the state of New York\nmortgage agency New York education loan program default reserve fund, as\napplicable, and to the powers of the corporation to receive and deposit\nin each such fund the applicable amounts described therein shall not be\namended in a manner adversely affecting the interests of such holders\nwithout adequate provision being made to protect such interests and that\nthe corporation shall not be required to pay any taxes or assessments\nupon any of its property or upon its activities pursuant to the\nprovisions of this article, or upon any moneys, funds, revenues or other\nincome held or received by the corporation, and that the obligations and\nnotes of the corporation and the income therefrom shall at all times be\nexempt from taxation, except for estate and gift taxes and taxes on\ntransfers. Each of the corporation, the state of New York mortgage\nagency and any such other public benefit corporation, is authorized to\ninclude this pledge and agreement of the state in any agreements with\nthe holders of such bonds and with the holders of such education loans.\n
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