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N.Y. PBA Law § 2799-LLLL

This is the official text of N.Y. PBA Law § 2799-LLLL, part of New York’s PBA Law — part of the compiled statutory law of New York, published by the state as "PBA Law." Browse the sections below, each linked to its official government source.

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Liability for community obligations; tax exemption

Official statutory text

§ 2799-llll. Liability for community obligations; tax exemption. 1.\nThe obligations of the corporation shall not be debts of the state, and\nthe state shall not be liable thereon, and such obligations shall not be\npayable out of any funds other than those of the corporation.\n 2. It is hereby found, determined and declared that the creation of\nthe corporation and the carrying out of its purposes is in all respects\nfor the benefit of the people of the state and is a public purpose, and\nthat the corporation will be performing an essential governmental\nfunction in the exercise of the powers conferred upon it by this title.\nThe corporation and its operations, property and moneys shall be free\nand exempt from taxation of every kind by the city and the state and any\nsubdivision thereof. Except as hereinabove provided and except as may\notherwise specifically be provided, nothing contained in this act shall\nconfer exemption from any tax, assessment or fee upon any person, firm,\ncorporation or other entity, or upon the obligations of any of them.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.