§ 492. Exemptions from taxation. 1. It is hereby declared that the
creation of the fund and the carrying out of its corporate purposes is
in all respects for the benefit of the people of the city of Yonkers and
state of New York and for the improvement of their health, safety,
welfare and security and is a public purpose and the fund shall be
regarded as performing a governmental function in the exercise of the
powers conferred upon it by this article.

2. The monies and properties of the fund, including all properties
constructed, acquired, reconstructed, rehabilitated or improved by it or
on its behalf and all properties under its jurisdiction, control or
supervision, and all of its operations and activities shall be exempt
from taxation.

3. The notes and bonds of the fund issued pursuant to this article,
and the income therefrom, and all fees, charges, rents, gifts, grants,
revenues, receipts and other monies received or to be received by the
fund shall at all times be free from taxation, except for estate and
gift taxes and taxes on transfers.