§ 513. Exemption from taxation. 1. The moneys and property of each
corporation and any property under its jurisdiction, control or
supervision, and all of its activities and operations shall be exempt
from taxation. Provided, however, no exemption is granted from the taxes
imposed under article five-a of this chapter and no exemption is granted
from real property taxation on real property not owned by such a
corporation. Where real property owned by the corporation is used
partially for the corporate purpose of the corporation and partially for
purposes unrelated to its corporate purpose, that portion used for such
unrelated purposes shall be subject to real property taxes in accordance
with the real property tax law and any other applicable provisions of
law.

2. The state covenants with the purchasers of and with all subsequent
holders and transferees of bonds and notes issued by a corporation
pursuant to sections two hundred twenty-two through seven hundred five
of this chapter, in consideration of the acceptance of and payment for
the said bonds and notes, that the said bonds and notes and the income
therefrom, and all moneys, funds and revenue pledged to pay or secure
the payment of such bonds and notes shall at all times be free from
taxation, except for estate and gift taxes and taxes on transfers.