Section 1915. Exemptions from taxation

It is hereby found, determined and
  declared that the creation of the authority and the carrying out of  its
  corporate purposes will alleviate juvenile delinquency, will improve the
  general  health  and welfare, will in all respects benefit the people of
  the state of New York, and constitutes a public purpose,  and  that  the
  authority  will  be performing an essential governmental function in the
  exercise of the powers conferred upon it by this title, and the state of
  New York covenants with the holders of  the  bonds  that  the  authority
  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 the project or any tolls, revenues or other income  received  by  the
  authority  and  that the bonds of the authority and the income therefrom
  shall at all times be exempt from  taxation,  except  for  transfer  and
  estate taxes.