§ 886. 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 state of New
York and it 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. Any bonds or notes issued pursuant to this title, together with the
income therefrom, as well as the property of the authority, shall be
free from taxation, except for transfer and estate taxes.