State Codes and Statutes
Statutes > New-york > Pba > Article-7 > Title-9-a > 1590-n§ 1590-n. Tax exemptions. 1. It is hereby determined that the creation of the authority and the carrying out of its corporate purposes is in all respects for the benefit of the people of the city of Utica and its environs, and is a public purpose, and the authority shall be regarded as performing a governmental function in the exercise of the powers conferred upon it by this title and shall be required to pay no taxes or assessments upon any of the property acquired by it or under its jurisdiction or control or supervision or upon its activities; provided, however, that if a surplus exists at the end of any fiscal year in the accounts of the authority it may elect to pay over to the city therefrom, in lieu of taxes, such an amount as it shall determine but in no event in excess of such surplus, payable in the manner prescribed by section fifteen hundred ninety-h of this title. 2. Any bonds or notes issued pursuant to this title, together with the income therefrom, as well as the property of the authority, shall be exempt from taxation, except for transfer and estate taxes.
