Legislation
SECTION 1470-N
Tax contract by the state
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 7, TITLE 3-A
* § 1470-n. 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.
* NB City of Rome Parking Authority ceased to exist 12/31/2000 per §
1470-b, and thereafter until all liabilities have been met/discharged,
and all bonds paid/discharged
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.
* NB City of Rome Parking Authority ceased to exist 12/31/2000 per §
1470-b, and thereafter until all liabilities have been met/discharged,
and all bonds paid/discharged