Section 1421-M. Tax exemptions

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  village  of  Johnson
  City  and its environs, 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 or control or supervision or upon its activities.
    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
  exempt from taxation, except for transfer and estate taxes.