New York Laws
Title 18 - State of New York Municipal Bond Bank Agency Act
2444 - Exemption From Taxation of Bonds, Notes and Tax Lien Collateralized Securities.

§ 2444. Exemption from taxation of bonds, notes and tax lien
collateralized securities. 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, notes, and tax lien collateralized securities issued by the
agency and its tax lien entity, in consideration of the acceptance of
and payment for the bonds, notes, and tax lien collateralized securities
that the bonds, notes and tax lien collateralized securities of the
agency, and its tax lien entity, 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, notes or tax lien collateralized
securities shall at all times be free from taxation, except for estate
or gift taxes and taxes on transfers.