N.Y. PBA Law § 372
This is the official text of N.Y. PBA Law § 372, 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.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Tax covenant
Official statutory text
§ 372. Tax covenant. The state covenants with the purchasers and with\nall subsequent holders and transferees of notes and bonds issued by the\nauthority, in consideration of the acceptance of and payment for the\nnotes and bonds, that the notes and bonds of the authority issued\npursuant to this title and the income therefrom and all its fees,\ncharges, rents, gifts, grants, revenues, receipts and other moneys\nreceived or to be received, pledged to pay or secure the payment of such\nnotes or bonds shall at all times be free from taxation except for\nestate or gift taxes and taxes on transfers.\n
Status: in_force · Read it on the official government site
Need a lawyer in New York?
Find a New York lawyer
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.