N.Y. Public Authorities Law 1470-N – Tax contract by the state
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* § 1470-n. Tax contract by the state. The state of New York covenants with the purchasers and with all subsequent holders and transferees of bonds issued by the authority pursuant to this title, in consideration of the acceptance of and payment for the bonds, that the bonds of the authority issued pursuant to this title and the income therefrom, and all moneys, funds and revenues pledged to pay or secure the payment of such bonds, shall at all times be free from taxation except for estate taxes and taxes on transfers by or in contemplation of death.
Terms Used In N.Y. Public Authorities Law 1470-N
- Contemplation of death: The expectation of death that provides the primary motive to make a gift.
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
* NB City of Rome Parking Authority ceased to exist 12/31/2000 per § 1470-b, and thereafter until all liabilities have been met/discharged, and all bonds paid/discharged