Section 710. Exemption 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  state  of  New
  York  and  it 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  properties  acquired by it or under its
  jurisdiction or control or supervision or upon its  activities  or  upon
  the income therefrom.
    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
  free from taxation, except for transfer and estate taxes.