§ 1981. Exemption from taxes. 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 state of New
York, the county of New York, and the city, 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 upon any of the properties acquired by it or
under its jurisdiction or control or supervision or upon its activities.

2. All bonds, notes and other obligations issued pursuant to this
title, together with the income therefrom, as well as the income and
property of the authority, shall be exempt from taxation, except for
transfer and estate taxes.