New York Laws
Title 26 - New York City Stabilization Reserve Corporation
2545 - Exemption From Taxation.

§ 2545. Exemption from taxation. 1. It is hereby determined that the
creation of the corporation and the carrying out of its corporate
purpose is in all respects a public and governmental purpose for the
benefit of the people of the state and for the improvement of their
health, safety, welfare, comfort and security, and that said purposes
are public purposes and that the corporation will be performing an
essential governmental function in the exercise of the powers conferred
upon it by this title.

2. The property of the corporation and its income and operations shall
be exempt from taxation.

3. The notes and bonds of the corporation issued pursuant to this
title and the income therefrom and all its fees, charges, gifts, grants,
revenues, receipts, and other monies received or to be received, pledged
to pay or secure the payment of such notes or bonds shall at all times
be free from taxation, except for estate and gift taxes and taxes on
transfers.