Section 1199-N. Exemption from taxes, assessments and certain fees

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  county  and  the  state 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 not  be
  required  to  pay  any  taxes,  special  ad  valorem  levies  or special
  assessments upon any property owned by it  or  under  its  jurisdiction,
  control  or supervision or upon its activities, or any filing, recording
  or transfer fees or taxes in relation to instruments filed, recorded  or
  transferred by it or on its behalf. The construction, use, occupation or
  possession  of  any  property  owned  by  the  authority  or the county,
  including improvements thereon, by  any  person  or  public  corporation
  under  a  lease,  lease  and  sublease  or any other agreement shall not
  operate to abrogate or limit the  foregoing  exemption,  notwithstanding
  that  the  lessee,  user,  occupant  or person in possession shall claim
  ownership for federal income tax purposes.
    2. Any bonds issued pursuant to this title together  with  the  income
  therefrom  shall  be exempt from taxation except for transfer and estate
  taxes. The revenues, moneys and other properties and activities  of  the
  authority  shall  be exempt from taxes and governmental fees or charges,
  whether imposed by the state or any municipality, including real  estate
  taxes, franchise taxes, sales taxes or other excise taxes.
    3.  The  state  hereby  covenants  with  the  purchaser  and  with all
  subsequent holders and transferees of  bonds  issued  by  the  authority
  pursuant  to  this  title,  in  consideration  of  the acceptance of and
  payment for the bonds, that the bonds of the authority  issued  pursuant
  to this title and the income therefrom shall be exempt from taxation, as
  aforestated  in  subdivision two of this section, and that all revenues,
  moneys, and other property pledged to secure the payment of  such  bonds
  shall  at  all  times  be free from such taxation as aforestated in such
  subdivision.