N.Y. Public Authorities Law 2046-O – Tax contract
Current as of: 2024 | Check for updates
|
Other versions
§ 2046-o. Tax contract. The state covenants with the purchasers and with all subsequent holders and transferees of bonds or notes issued by the agency pursuant to this title, in consideration of the acceptance of and payment for the bonds or notes that the bonds and notes of the agency 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 or notes, shall at all times, be free from taxation except for estate and gift taxes and taxes on transfers.
Terms Used In N.Y. Public Authorities Law 2046-O
- Contract: A legal written agreement that becomes binding when signed.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.