N.Y. PBA Law § 2413

§ 2413. Exemption from taxation of bonds and notes and insurance\ncommitments and loans. It is hereby determined that the creation of the\nagency is in all respects for the benefit of the people of the state,\nfor the improvement of their health and welfare, and for the promotion\nof the economy, and that said purposes are public purposes and the\nagency will be performing an essential governmental function in the\nexercise of the powers conferred upon it by this title, and the state\ncovenants with the purchasers and all subsequent holders and transferees\nof bonds and notes issued by the agency, in consideration of the\nacceptance of and payment for the bonds and notes, that the bonds and\nnotes of the agency, issued pursuant to this title and the income\ntherefrom and all its fees, charges, gifts, grants, revenues, receipts,\nand other moneys received or to be received, pledged to pay or secure\nthe payment of such bonds or notes shall at all times be free from\ntaxation, except for estate or gift taxes and taxes on transfers and in\naddition all other property of the agency and its income and operations\nshall be exempt from taxation.\n