Section 20.33. Exemption from taxation

1. It is hereby determined that the
  creation of a trust pursuant to this article and the carrying out of its
  corporate purposes are in all respects for the benefit of the people  of
  the  state, for the improvement of their health and welfare, and for the
  promotion of the economy; that said purposes are  public  purposes;  and
  that  a  trust  will  perform  an  essential  governmental  function  by
  exercising the powers conferred upon it by this article and  by  special
  law.
    2.  Notwithstanding  any  other  provision  of  any  other  law to the
  contrary, the income, monies, operations and properties of a trust shall
  be exempt from taxation, including without limitation any and all  state
  and  local  income,  franchise,  occupancy,  transfer,  recording,  real
  property,  sales  and  compensating  use  taxation.   Any   combined-use
  facility,  including the non-institutional portion thereof, any facility
  for a not-for-profit cultural organization  and  any  public  television
  facility  with  respect  to  which a trust entered an agreement prior to
  January first, nineteen hundred ninety which has been developed by or on
  behalf of, or pursuant to an agreement with, or in whole or in part with
  the proceeds of a loan from a trust and any real property in or on which
  all or any part of any such facility prior to completion is designed  to
  be  and  upon completion is developed shall be exempt from real property
  taxation from and after the date on which such real property  has  first
  been  conveyed  to  the  trust,  or  in the case of the development of a
  public television facility with respect to  which  a  trust  entered  an
  agreement  prior  to  January first, nineteen hundred ninety by a public
  television  station  or  a  facility  for  a   not-for-profit   cultural
  organization  in  whole or in part with proceeds of a loan from a trust,
  from and after the date on which  such  real  property  has  first  been
  conveyed  to  such station. In the case of a combined-use facility for a
  performing arts  center  with  respect  to  which  a  trust  entered  an
  agreement   prior   to  January  first,  nineteen  hundred  ninety,  the
  non-institutional  portion  shall  not  be  exempt  from  real  property
  taxation  from and after the date a trust conveys such non-institutional
  portion to any non-exempt third party.
    3. The state covenants with all holders and transferees of  bonds  and
  notes  issued  by  a  trust,  in  consideration of the acceptance of and
  payment for the bonds and notes, that the bonds and notes of the  trust,
  and  the  interest  thereon and income therefrom and all its properties,
  income, fees, charges, gifts,  grants,  revenues,  receipts,  and  other
  monies  received  or  to  be  received,  shall at all times be free from
  income and other taxation, except for estate or gift taxes on such bonds
  and notes and taxes on transfers.