Legislation
SECTION 1438
Tax contract by the state
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 7, TITLE 2
§ 1438. Tax contract by the state. The state of New York 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 moneys, funds and revenues pledged to pay or secure the payment of
such bonds, shall at all times be free from taxation except for estate
taxes and taxes on transfers by or in contemplation of death.
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 moneys, funds and revenues pledged to pay or secure the payment of
such bonds, shall at all times be free from taxation except for estate
taxes and taxes on transfers by or in contemplation of death.