N.Y. Public Authorities Law 1742 – Exemption of the authority
§ 1742. Exemption of the authority. 1. Notwithstanding any other provision of law, any real or personal property, while owned or subject to any rights of the authority, shall be exempt from all taxes, special assessments and special ad valorem levies and from the payment of any and all charges, rents or other payments to the city, other than charges for services provided by the city's water and sewer systems. In addition, any in rem actions or proceedings brought against such property by the city or any other actions or proceedings concerning any of the above brought against the authority by the city, and any such actions or proceedings shall be void and shall be subject to dismissal upon application of the authority at the sole expense of the city of New York. In no instance shall title to any such property pass to the city of New York except by deed or other appropriate document of sale, release or conveyance executed by the authority.
Terms Used In N.Y. Public Authorities Law 1742
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
- Personal property: All property that is not real property.
2. Debts of the authority shall not be considered debts of the state or debts of the city.