§ 640. Tax exemption and tax contract by the state. 1. It is hereby\ndetermined that the creation of the trust and the carrying out of its\ncorporate purposes is in all respects for the benefit of the people of\nthe state of New York and is a public purpose. Accordingly, the trust\nshall be regarded as performing an essential governmental function in\nthe exercise of the powers conferred upon it by this article, and the\ntrust shall not be required to pay any fees, taxes, special ad valorem\nlevies or assessments of any kind, including, but not limited to,\nfranchise taxes, sales taxes or other taxes, upon or with respect to any\nproperty owned by it or under its jurisdiction, control or supervision,\nor upon the uses thereof, or upon or with respect to its activities or\noperations in furtherance of the powers conferred upon it by this\narticle, or upon or with respect to any fares, tolls, rentals, rates,\ncharges, fees, revenues or other income received by the trust.\n 2. Any bonds, notes or other obligations issued pursuant to this\narticle together with the income therefrom shall at all times be exempt\nfrom taxation.\n 3. The state hereby covenants with the purchasers and with all\nsubsequent holders and transferees of bonds, notes or other obligations\nissued by the trust pursuant to this article, in consideration of the\nacceptance of and payment for the bonds, notes or other obligations,\nthat the bonds, notes or other obligations of the trust issued pursuant\nto this article and the income therefrom and all revenues, monies, and\nother property pledged to pay or to secure the payment of such bonds,\nnotes or other obligations shall at all times be free from taxation.\n
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