N.Y. Public Authorities Law 1564*2 – Tax contract by the state
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*§ 1564. Tax contract by the state. The state of New York covenants with the purchasers and with all subsequent holders and transferees of bonds or notes issued by the authority pursuant to this title, in consideration of the acceptance of and payment for the bonds or notes, that the bonds and notes 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 or notes 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 1564*2
- 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.
* NB Dissolved December 31, 1977
* NB There are 2 § 1564's