2006 New York Code - Tax Exemptions.

 
    §  1599-nn. Tax exemptions. (a) The authority shall have the power and
  is hereby authorized from time to time to issue its negotiable bonds  in
  conformity with applicable provisions of the uniform commercial code for
  any  purpose  mentioned  in  section entitled, purpose and powers of the
  authority, including the acquisition, construction,  reconstruction  and
  repair of personal and real property of all kinds deemed by the board to
  be  necessary  or desirable to carry out such purpose, as well as to pay
  such expenses as may be deemed by the board necessary  or  desirable  to
  the  financing  thereof and placing the project or projects in operation
  in the aggregate principal amount of not exceeding one  million  dollars
  outstanding at any one time. The authority shall have power from time to
  time  and  whenever it deems refunding expedient, to refund any bonds by
  the issuance of new bonds, whether the bonds to be refunded have or have
  not matured, and may issue bonds partly to refund bonds then outstanding
  and partly for any other purpose hereinabove  described.  The  refunding
  bonds  may  be  exchanged  for  the bonds to be refunded, with such cash
  adjustments as may be agreed, or may be sold and the proceeds applied to
  the purchase or payment of the bonds to be refunded.  In  computing  the
  total  amount  of  bonds  of  the  authority  which  may  at any time be
  outstanding the amount of the outstanding bonds to be refunded from  the
  proceeds  of the sale of new bonds or by exchange for new bonds shall be
  excluded.  Except  as  may  otherwise  be  expressly  provided  by   the
  authority,  the bonds of every issue shall be general obligations of the
  authority payable out of  any  moneys  or  revenues  of  the  authority,
  subject  only  to  any  agreements  with the holders of particular bonds
  pledging any particular moneys or revenues.   (b)  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.