* § 1199-oo. Exemption from taxes, assessments and certain fees;\npayments in lieu of taxes. 1. It is hereby determined that the creation\nof the authority and the carrying out of its corporate purposes is in\nall respects for the benefit of the people of the state and is a public\npurpose, and the authority shall be regarded as performing a\ngovernmental function in the exercise of the powers conferred upon it by\nthis title and shall not be required to pay any taxes, special ad\nvalorem levies or special assessments upon any real property owned by it\nor any filing, recording or transfer fees or taxes in relation to\ninstruments filed, recorded or transferred by it or on its behalf;\nprovided, however, that any real property owned or acquired by the\nauthority outside of the district shall be exempt from real property\ntaxes, ad valorem levies or special assessments only pursuant to and to\nthe extent provided by an agreement with the governing body of the\nmunicipality in which such real property is located.\n 2. An authority may pay, or may enter into agreements with any\nmunicipality to pay, a sum or sums, annually or otherwise or to provide\nother considerations to such municipality with respect to real property\nowned by the authority located within such municipality and constituting\na part of a water or sewerage system.\n 3. Any bonds issued pursuant to this title together with the income\ntherefrom shall be exempt from taxation except for transfer and estate\ntaxes. The revenues, moneys and all other property and activities of the\nauthority shall be exempt from all taxes and governmental fees or\ncharges, whether imposed by the state or any municipality, including\nwithout limitation real estate taxes, franchise taxes, sales taxes or\nother excise taxes. Notwithstanding the foregoing provision of this\nsubdivision, any real property owned or acquired by the authority\noutside the district shall be subject to subdivision one of this\nsection. The state hereby covenants with the purchasers and with all\nsubsequent holders and transferees of bonds issued by the authority\npursuant to this title, in consideration of the acceptance of and\npayment for the bonds, that the bonds of the authority issued pursuant\nto this title and the income therefrom shall be exempt from such\ntaxation as aforestated herein, and that all revenues, moneys, and other\nproperty pledged to secure the payment of such bonds shall at all times\nbe free from such taxes as aforestated herein.\n * NB There are 2 § 1199-oo's\n
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