§ 1596-mm. Exemptions from taxation. 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
Yonkers 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 transfer and estate taxes.