Section 3615. 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  towns  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
  towns 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 towns or such municipality.