New York Laws
Title 29 - Development Authority of the North Country Act
2713 - Exemption From Taxation of Bonds.

§ 2713. Exemption from taxation of bonds. It is hereby determined that
the creation of the authority is in all respects 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 authority will be performing an essential
governmental function in the exercise of the powers conferred upon it by
this title. The state covenants with the purchasers and all subsequent
holders and transferees of bonds issued by the authority, 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 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 shall at all times be free from taxation
except for estate or gift taxes and taxes on transfers.

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