* § 2064. Exemptions from taxation. It is hereby found, determined and\ndeclared that the creation of the authority and the carrying out of its\ncorporate purposes will alleviate juvenile delinquency, will improve the\ngeneral health and welfare, will in all respects benefit the people of\nthe state of New York, and constitutes a public purpose, and that the\nauthority will be performing an essential governmental function in the\nexercise of the powers conferred upon it by this title, and the state of\nNew York covenants with the holders of the bonds that the authority\nshall be required to pay no taxes or assessments upon any of the\nproperty acquired by it or under its jurisdiction, control, possession\nor supervision or upon its activities in the operation and maintenance\nof the project or any tolls, revenues or other income received by the\nauthority and that the bonds of the authority and the income therefrom\nshall at all times be exempt from taxation, except for transfer and\nestate taxes.\n * NB Authority dissolved September 1, 1977\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.