§ 1391. Exemption from taxation. It is hereby determined that the
creation of the authority and the carrying out of its corporate purposes
is in all respects for the benefit of the people of Ogdensburg and its
environs, and is a public purpose, and the authority shall be regarded
as performing a governmental function in the exercise of the powers
conferred upon it by this act and shall be required to pay no taxes or
assessments upon any of the properties acquired by the authority or
under its jurisdiction, control or supervision, or upon its activities.
Bonds or notes issued pursuant to this act, together with the income
therefrom, as well as the property of the authority shall be exempt from
taxation except for transfer and estate taxes.