New York Laws
Title 8-D - Rensselaer County Water and Sewer Authority
1199-N - Exemption From Taxes, Assessments and Certain Fees.

§ 1199-n. Exemption from taxes, assessments and certain fees. 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 county and 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 property owned by it or under its jurisdiction,
control or supervision or upon its activities, or any filing, recording
or transfer fees or taxes in relation to instruments filed, recorded or
transferred by it or on its behalf. The construction, use, occupation or
possession of any property owned by the authority or the county,
including improvements thereon, by any person or public corporation
under a lease, lease and sublease or any other agreement shall not
operate to abrogate or limit the foregoing exemption, notwithstanding
that the lessee, user, occupant or person in possession shall claim
ownership for federal income tax purposes.

2. 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 other properties and activities of the
authority shall be exempt from taxes and governmental fees or charges,
whether imposed by the state or any municipality, including real estate
taxes, franchise taxes, sales taxes or other excise taxes.

3. The state hereby covenants with the purchaser 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 exempt from taxation, as
aforestated in subdivision two of this section, and that all revenues,
moneys, and other property pledged to secure the payment of such bonds
shall at all times be free from such taxation as aforestated in such
subdivision.