Section 2027. Exemption from taxes

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  of
  Onondaga  and  its  environments,  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 upon any of the properties 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.