Section 2053-P. Exemption from taxes, assessments and certain fees

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  county  and  the  state 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 not  be
  required  to  pay  any  taxes,  special  ad  valorem  levies  or special
  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  authority  or the county,
  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 possession shall claim
  ownership for federal income tax purposes. Mortgages made  or  financed,
  directly  or  indirectly,  by  the  authority  shall  be exempt from the
  mortgage recording taxes imposed by article eleven of the tax  law.  The
  authority 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 authority shall be exempt  from
  taxes,  except  for  transfer and estate taxes. The revenues, moneys and
  all other property and all transactions and activities of the  authority
  shall be exempt from all taxes and governmental fees or charges, whether
  imposed  by  the state or any municipality, including without limitation
  real estate taxes, franchise taxes, sales taxes or other  excise  taxes.
  The  state  hereby covenants with the purchasers and with all subsequent
  holders and transferees of bonds issued by  the  authority  pursuant  to
  this  title,  in  consideration of the acceptance of any payment for the
  bonds, that the bonds of the authority 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.