§ 1391. Exemption from taxation. It is hereby determined that the creation of the authority and the carrying out of its corporate purposes is in all respects for the benefit of the people of Ogdensburg and its environs, and is a public purpose, and the authority shall be regarded as performing a governmental function in the exercise of the powers conferred upon it by this act and shall be required to pay no taxes or assessments upon any of the properties acquired by the authority or under its jurisdiction, control or supervision, or upon its activities. Bonds or notes issued pursuant to this act, together with the income therefrom, as well as the property of the authority shall be exempt from taxation except for transfer and estate taxes.

Terms Used In N.Y. Public Authorities Law 1391

  • authority: shall mean the corporation created by section thirteen hundred seventy-eight of this title. See N.Y. Public Authorities Law 1376
  • bonds: shall mean bonds issued by the authority pursuant to this title. See N.Y. Public Authorities Law 1376
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
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