§ 2051-n. Exemption from taxes, assessments and certain fees. 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 county and the state 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 not be
required to pay any taxes or assessments upon any property owned by it
or under its jurisdiction, control or supervision or upon its activities
or any filing, recording or transfer fees or taxes in relation to
instruments filed, recorded or transferred by it or on its behalf. The
construction, use, occupation or possession of any property owned by the
authority or the county, including improvements thereon, by any person
or public corporation under a lease, lease and sublease or any other
agreement shall not operate to abrogate or limit the foregoing
exemption, notwithstanding that the lessee, user, occupant or person in
possession shall claim ownership for federal income tax purposes.
Mortgages made or financed, directly or indirectly, by the authority
shall be exempt from the mortgage recording taxes imposed by article
eleven of the tax law. The authority shall be deemed a public authority
for the purposes of section four hundred twelve of the real property tax
law.

2. Any bonds issued pursuant to this title together with the income
therefrom as well as the property of the authority shall be exempt from
taxes, except for transfer and estate taxes. The state hereby covenants
with the purchasers and with all subsequent holders and transferees of
bonds issued by the authority pursuant to this title, in consideration
of the acceptance of any payment for the bonds, that the bonds of the
authority issued pursuant to this title and the income therefrom and all
revenues, moneys, and other property pledged to secure the payment of
such bonds shall at all times be free from taxation, except for transfer
and estate taxes.