Section 1493-N. 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 city of Albany 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 estate  or  gift  taxes  and  taxes  on
  transfers.