§ 1493-n. Tax exemptions. 1. 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 the city of Albany 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 title and shall be required to pay no taxes or
assessments upon any of the property acquired by it or under its
jurisdiction or control or supervision or upon its activities.

2. Any bonds or notes issued pursuant to this title, together with the
income therefrom, as well as the property of the authority, shall be
exempt from taxation, except for estate or gift taxes and taxes on
transfers.