ยง 1048-u. Exemption from taxes, assessments and certain fees; payments
in lieu of taxes. 1. It is hereby determined that the creation of the
authority and the carrying out of its corporate purposes is in all
respects for the benefit of the people of the city and of the state and
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 not be required to pay any taxes, special ad
valorem levies or special assessments upon any real property owned by it
or any filing, recording or transfer fees or taxes in relation to
instruments filed, recorded or transferred by it or on its behalf. The
authority shall be deemed a public authority for the purposes of section
four hundred twelve of the real property tax law.
2. Notwithstanding any provision in this section to the contrary, the
authority may pay, or may enter into agreements with any municipality to
pay, a sum or sums, annually or otherwise, or to provide other
considerations to such municipality with respect to real property owned
by the authority located within such municipality.
3. Any bonds issued pursuant to this title together with the income
therefrom shall be exempt from taxation except for transfer and estate
taxes. The revenues, moneys and all other property and activities of the
authority shall be exempt from all taxes and governmental fees or
charges, whether imposed by the state or any municipality, including
without limitation real estate taxes, franchise taxes, sales taxes or
other excise taxes. The state hereby covenants with the purchasers and
with all subsequent holders and transferees of bonds issued by the
authority pursuant to this title, in consideration of the acceptance of
and payment for the bonds, that the bonds of the authority issued
pursuant to this title and the income therefrom shall be free from such
taxation, as aforestated herein, and that all revenues, moneys, and
other property pledged to secure the payment of such bonds shall at all
times be free from such taxes as aforestated herein.
Structure New York Laws
Article 5 - Public Utility Authorities
Title 2-B - Buffalo Municipal Water Finance Authority
1048-C - Buffalo Municipal Water Finance Authority.
1048-D - General Powers of the Authority.
1048-E - Approval of Water Projects.
1048-G - General Powers of the Water Board.
1048-H - Transfer of Water Systems by the City to the Water Board.
1048-J - Imposition and Disposition of Water Fees, Rates, Rents or Charges.
1048-K - Tax Exemption of the Water Board Property and Activities.
1048-L - Pledge Effective Without Filing or Recording.
1048-M - Governmental Capacity of the Authority, the Water Board and the City.
1048-N - Transfer of Officers and Employees to and From City and State Agencies.
1048-O - Bonds of the Authority.
1048-P - Remedies of Bondholders.
1048-Q - State, City and Water Board Not Liable on Authority Bonds.
1048-R - Moneys of the Authority.
1048-S - Bonds Legal Investment for Fiduciaries.
1048-T - Agreement With the State.
1048-U - Exemption From Taxes, Assessments and Certain Fees; Payments in Lieu of Taxes.
1048-V - Actions Against Authority and Water Board.
1048-W - Interest in Contracts Prohibited.
1048-X - Authority, Water Board and City to Take Affirmative Action.
1048-Y - Audit and Annual Report.