N.Y. Public Authorities Law 2713 – Exemption from taxation of bonds
§ 2713. Exemption from taxation of bonds. It is hereby determined that the creation of the authority is in all respects for the benefit of the people of the state and for the improvement of their health, safety, welfare, comfort and security, and that said purposes are public purposes and that the authority will be performing an essential governmental function in the exercise of the powers conferred upon it by this title. The state covenants with the purchasers and all subsequent holders and transferees of bonds issued by the authority, 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 its fees, charges, gifts, grants, revenues, receipts, and other moneys received or to be received, pledged to pay or secure the payment of such bonds shall at all times be free from taxation except for estate or gift taxes and taxes on transfers.
Terms Used In N.Y. Public Authorities Law 2713
- Authority: shall mean the public benefit corporation created by section twenty-seven hundred three of this title, known as the development authority of the north country. See N.Y. Public Authorities Law 2702
- Bonds: shall mean s the bonds, notes or other evidences of indebtedness issued by the authority pursuant to this title and the provisions of this title relating to bonds and bondholders shall apply with equal force and effect to notes and noteholders, respectively, unless the context otherwise clearly requires. See N.Y. Public Authorities Law 2702
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Revenues: shall mean all rates, fees, rents, charges and other income derived by the authority from its operations. See N.Y. Public Authorities Law 2702
- State: shall mean the state of New York. See N.Y. Public Authorities Law 2702