N.Y. Public Authorities Law 585 – Bonds and notes to be tax exempt
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§ 585. Bonds and notes to be tax exempt. 1. It is hereby determined that the creation of the authority and the carrying out of its corporate purposes 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 title and shall be required to pay no taxes or assessments upon any of the property acquired by it or under its jurisdiction or control or supervision or upon its activities, or upon the income therefrom.
Terms Used In N.Y. Public Authorities Law 585
- 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.
2. Any bonds or notes issued pursuant to this title, together with the income therefrom, as well as the property of the authority, shall be exempt from taxation, except for transfer and estate taxes.