Section 2490-N. 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 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 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 authority,
  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. 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 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 and 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.