New York Laws
Part 1
2413 - Exemption From Taxation of Bonds and Notes and Insurance Commitments and Loans.

§ 2413. Exemption from taxation of bonds and notes and insurance
commitments and loans. It is hereby determined that the creation of the
agency is in all respects for the benefit of the people of the state,
for the improvement of their health and welfare, and for the promotion
of the economy, and that said purposes are public purposes and the
agency will be performing an essential governmental function in the
exercise of the powers conferred upon it by this title, and the state
covenants with the purchasers and all subsequent holders and transferees
of bonds and notes issued by the agency, in consideration of the
acceptance of and payment for the bonds and notes, that the bonds and
notes of the agency, issued pursuant to this title and the income
therefrom and all its fees, charges, gifts, grants, revenues, receipts,
and other moneys received or to be received, pledged to pay or secure
the payment of such bonds or notes shall at all times be free from
taxation, except for estate or gift taxes and taxes on transfers and in
addition all other property of the agency and its income and operations
shall be exempt from taxation.

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