Section 2051-N. Exemption from taxes, assessments and certain fees

1. It
  is hereby determined that the creation of the agency  and  the  carrying
  out  of its corporate purposes is in all respects for the benefit of the
  people of the county and the state and  is  a  public  purpose  and  the
  agency  shall  be  regarded as performing a governmental function in the
  exercise of the powers conferred upon it by this title and shall not  be
  required  to  pay any taxes or assessments upon any property owned by it
  or  under  its  jurisdiction,  control  or  supervision  or   upon   its
  activities,  or  any  filing,  recording  or  transfer  fees or taxes in
  relation to instruments filed, recorded or transferred by it or  on  its
  behalf.  The construction, use, occupation or possession of any property
  owned by the agency or the town, including improvements thereon, by  any
  person  or  public  corporation under a lease, lease and sublease or any
  other agreement shall not operate to abrogate  or  limit  the  foregoing
  exemption,  notwithstanding that the lessee, user, occupant or person in
  posssession shall claim ownership for federal income tax  purposes.  The
  agency  shall  be  deemed a public authority for the purposes of section
  four hundred twelve of the real property tax law.
    2. Any bonds issued pursuant to this title together  with  the  income
  therefrom  as  well  as  the property of the agency shall be exempt from
  taxes, except for transfer and estate taxes. The state hereby  covenants
  with  the  purchasers and with all subsequent holders and transferees of
  bonds issued by the agency pursuant to this title, in  consideration  of
  the  acceptance  of  any  payment  for  the bonds, that the bonds of the
  agency issued pursuant to this title and the income  therefrom  and  all
  revenues,  moneys  and  other  property pledged to secure the payment of
  such bonds shall at all times be free from taxation, except for transfer
  and estate taxes.
    * NB There are 3 § 2051-n's