Section 2064. 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.
    * NB Authority dissolved September 1, 1977