§ 19. Exemption from taxation. 1. The moneys and property of the
corporation and any property under its jurisdiction, control or
supervision, and all of its activities and operations shall be exempt
from taxation.

2. The state of New York covenants with the purchasers of and with all
subsequent holders and transferees of bonds and notes issued by the
corporation pursuant to this act, in consideration of the acceptance of
and payment for the said bonds and notes, that the said bonds and notes
and the income therefrom, and all moneys, funds and revenue pledged to
pay or secure the payment of such bonds and notes shall at all time be
free from taxation, except for estate and gift taxes and taxes on
transfers.