Section 1596-MM. Exemptions 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 city of
  Yonkers  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.