2006 New York Code - Exemptions From Taxation.

 
    §  2084.  Exemptions from taxation. It is hereby found, determined and
  declared that the creation of the authority and the carrying out of  its
  corporate  purposes will improve the general health and welfare, will in
  all  respects  benefit  the  people  of  the  state  of  New  York,  and
  constitutes  a public purpose, and that the authority will be performing
  an essential  governmental  function  in  the  exercise  of  the  powers
  conferred  upon  it  by  this title, and the state of New York covenants
  with the holders of the  bonds  notes  or  other  obligations  that  the
  authority  shall  be required to pay no taxes or assessments upon any of
  the  property  acquired  by  it  or  under  its  jurisdiction,  control,
  possession  or  supervision  or upon its activities in the operation and
  maintenance of the project  or  any  tolls,  revenues  or  other  income
  received by the authority and that the bonds, notes or other obligations
  of  the  authority and the income therefrom shall at all times be exempt
  from taxation, except for transfer and estate taxes.