N.Y. Public Authorities Law § 1981: Exemption from taxes

§ 1981. Exemption from taxes. 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, the county of New York, and the city, 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 upon any of the properties acquired by it or

under its jurisdiction or control or supervision or upon its activities.

2. All bonds, notes and other obligations issued pursuant to this

title, together with the income therefrom, as well as the income and

property of the authority, shall be exempt from taxation, except for

transfer and estate taxes.