N.Y. Public Authorities Law § 1596-mm: Exemptions from taxation

§ 1596-mm. 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 city of

Yonkers and its environs, 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 be required to

pay no taxes or assessments upon any of the property 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

exempt from taxation, except for transfer and estate taxes.