§ 1216. Exemption from taxation and fees. It is hereby found,\ndetermined and declared that the creation of the authority and the\ncarrying out of its purposes is in all respects for the benefit of the\npeople of the state of New York and for the improvement of their health,\nwelfare and prosperity and is a public purpose, and that the authority\nwill be performing an essential governmental function in the exercise of\nthe powers conferred upon it by this title. Without limiting the\ngenerality of the following provisions of this section, property owned\nby the authority, and property leased by the authority and used for any\nof its authorized purposes shall be exempt from taxation and special ad\nvalorem levies. The authority shall be required to pay no fees, taxes or\nassessments, whether state or local, including but not limited to fees,\ntaxes or assessments on real estate, franchise taxes, sales taxes or\nother excise taxes, upon any of its property, or upon the use thereof,\nor upon its activities in the operation and maintenance of its\nfacilities or on any fares, tolls, rentals, rates, charges or other\nfees, revenues or other income received by the authority and the bonds\nand notes of the authority and the income therefrom shall at all times\nbe exempt from taxation, except for gift and estate taxes and taxes on\ntransfers. This section shall constitute a covenant and agreement with\nthe holders of all bonds and notes issued by the authority. The terms\n"taxation" and "special ad valorem levy" shall have the same meanings as\ndefined in section one hundred two of the real property tax law.\n
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