Section 3315. Tax exemption and tax contract by the state

1. It is hereby
  determined that the creation of the corporation and the carrying out  of
  its  corporate purposes is in all respects for the benefit of the people
  of the state of New York and  is  a  public  purpose.  Accordingly,  the
  corporation  shall  be  regarded as performing an essential governmental
  function in the exercise of the powers conferred upon it by this  title,
  and  the  corporation  shall  not  be  required  to pay any fees, taxes,
  special ad valorem levies or assessments of any kind, except as provided
  pursuant to the public health law, whether state or local, including but
  not limited to fees, taxes, special ad valorem levies or assessments  on
  real property, franchise taxes, sales taxes or other taxes, upon or with
  respect  to  any property owned by it or under its jurisdiction, control
  or supervision, or upon the uses thereof, or upon or with respect to its
  activities or operations in furtherance of the powers conferred upon  it
  by  the  title,  or  upon  or with respect to any fares, tolls, rentals,
  rates,  charges,  fees,  revenues  or  other  income  received  by   the
  corporation.    Provided,  however,  that  any  real  property  owned or
  acquired by the corporation outside of the county shall be  exempt  from
  real  property  taxes,  ad  valorem  levies  or special assessments only
  pursuant to and  to  the  extent  provided  by  an  agreement  with  the
  governing  body  of  the  municipality  in  which  such real property is
  located. Provided, further, subsidiaries  of  the  corporation  are  not
  included within the foregoing exemption.
    2.  Any  bonds  issued pursuant to this title together with the income
  therefrom shall at all times be exempt from taxation.
    3. The state  hereby  covenants  with  the  purchasers  and  with  all
  subsequent  holders  and  transferees of bonds issued by the corporation
  pursuant to this title,  in  consideration  of  the  acceptance  of  and
  payment for the bonds, that the bonds of the corporation issued pursuant
  to  this  title  and  the income therefrom and all revenues, monies, and
  other property pledged to pay or to secure the  payment  of  such  bonds
  shall at all times be free from taxation.
    4.  The  corporation  may  pay,  or may enter into agreements with the
  county or any municipality to pay, a sum or sums annually  or  otherwise
  or  to  provide other considerations with respect to real property owned
  by the corporation located within the county or such municipality.