ยง 468. Exemptions from taxation. 1. It is hereby declared that the
creation of the fund and the carrying out of its corporate purposes is
in all respects for the benefit of the people of the city and state of
New York and for the improvement of their health, safety, welfare and
security and is a public purpose and the fund shall be regarded as
performing a governmental function in the exercise of the powers
conferred upon it by this article.
2. The monies and properties of the fund, including all properties
constructed, acquired, reconstructed, rehabilitated or improved by it or
on its behalf and all properties under its jurisdiction, control or
supervision, and all of its operations and activities shall be exempt
from taxation.
3. The notes and bonds of the fund issued pursuant to this article,
and the income therefrom, and all fees, charges, rents, gifts, grants,
revenues, receipts and other monies received or to be received by the
fund shall at all times be free from taxation, except for estate and
gift taxes and taxes on transfers.
Structure New York Laws
Article 10 - New York City Educational Construction Fund
451 - Statement of Legislative Findings and Purposes.
453 - New York City Educational Construction Fund.
454 - General Powers and Duties of Fund.
455 - Relationship With the Board of Education and the City of New York.
456 - Special Provisions Relating to Acquisition and Transfer of Real Property.
457 - Plans and Specifications.
458 - Letting of Construction Contracts.
460 - Lease and Other Agreements.
461 - Notes and Bonds of the Fund.
462 - Reserve Funds, Appropriations and Other Funds and Accounts.
463 - Agreement With the State.
464 - State and City's Right to Require Redemption of Bonds.
465 - Remedies of Noteholders and Bondholders.
466 - Notes and Bonds as Legal Investments.
467 - Actions by and Against Fund.
468 - Exemptions From Taxation.
469 - Annual Report of Trustees.
470 - Article Not Affected if in Part Unconstitutional or Ineffective.