New York Laws
Article 6 - New York City Off-Track Betting Corporation
617 - Exemption From Taxation.

§ 617. Exemption from taxation. 1. The moneys and property of the
corporation and any property under its jurisdiction, control or
supervision, and all of its activities and operations shall be exempt
from taxation.

2. The state covenants with the purchasers of and with all subsequent
holders and transferees of bonds and notes issued by the corporation
pursuant to this article, in consideration of the acceptance of and
payment for the said bonds and notes, that the said bonds and notes and
the income therefrom, and all moneys, funds and revenue pledged to pay
or secure the payment of such bonds and notes shall at all time be free
from taxation, except for estate and gift taxes and taxes on transfers.

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