N.Y. Public Authorities Law 2618 – Property and income of the authority
§ 2618. Property and income of the authority. 1. The property of the authority and its income and operations shall be exempt from assessments of every kind and nature.
Terms Used In N.Y. Public Authorities Law 2618
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Personal property: All property that is not real property.
2. The authority may receive, accept, invest, administer, expend and disburse for its corporate purposes appropriations from the state and the park district, and other revenues and moneys made available or to be made available to it from any or all sources public or private.
3. Any such moneys of the authority not required for immediate use may, at the discretion of the authority, be invested pursuant to the provisions of § 98-a of the state finance law.
4. The authority shall accept from the New York state urban development corporation, created by chapter one hundred seventy-four of the laws of nineteen hundred sixty-eight, constituting the New York state urban development corporation act, all of the personal property acquired by it from Lake Placid nineteen hundred eighty Olympic Organizing Games, Inc.