New York Laws
Title 21 - Saratoga Springs City Center Authority
2490-N - Exemption From Taxes, Assessments and Certain Fees.

§ 2490-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 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 or 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,
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. The authority shall be deemed
a public authority for the purposes of section four hundred twelve of
the real property tax law.

2. Any bonds issued pursuant to this title together with the income
therefrom as well as the property of the authority shall be exempt from
taxes, except for transfer and estate 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 and all
revenues, moneys, and other property pledged to secure the payment of
such bonds shall at all times be free from taxation, except for transfer
and estate taxes.