New York Laws
Title 1-A - Long Island Power Authority
1020-P - Exemption From Taxation.

* § 1020-p. Exemption from taxation. 1. It is hereby found and
declared that the operation of the authority is primarily for the
benefit of the people of the state of New York, for the improvement of
their health, welfare and prosperity, and is a public purpose, and the
authority shall be regarded as performing an essential governmental
function in carrying out the provisions of this title.

2. The authority shall be required to pay no taxes nor assessments
upon any of the property acquired or controlled by it or upon its
activities in the operation and maintenance thereof or upon income
derived therefrom, provided that nothing herein shall prevent the
authority from entering into agreements to make payments in lieu of
taxes with the governing bodies of municipalities, as provided for in
section one thousand twenty-q of this title.

3. The securities and other obligations issued by the authority, their
transfer and the income therefrom shall, at all times, be free from
taxation by the state or any municipality, except for estate and gift
taxes.

* NB There are 2 § 1020-p's

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