Section 1191. Exemptions from taxation

1. It is hereby found and declared
  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, for the improvement of their health and welfare, 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 be required to pay no taxes or assessments upon
  any of the property acquired by it or under its  jurisdiction,  control,
  possession  or  supervision  or upon its activities in the operation and
  maintenance of its facilities.
    2. The bonds together with the income therefrom shall, at  all  times,
  be exempt from taxation, except for transfer and estate taxes.