Section 64. Tax exemptions

1. The Utica transit authority shall be exempt
  from the payment  of  (a)  any  taxes  or  fees  to  the  state  or  any
  subdivision  thereof,  (b)  any  fees  to any officer or employee of the
  state or of any subdivision thereof, except where it is provided  by  or
  pursuant  to law that such officer or employee is personally entitled to
  such fees as compensation for services rendered or performed by  him  in
  his official capacity.
    2.  Bonds, mortgages, notes and other obligations of the Utica transit
  authority are declared to be issued for  a  public  purpose  and  to  be
  public  instrumentalities  and  together with interest thereon, shall be
  exempt from tax.
    3. The property of the Utica transit authority shall  be  exempt  from
  all  local  and  municipal  taxes. The Utica transit authority may agree
  with any municipality within the Utica transit authority's  jurisdiction
  that  such  municipality  will  (a)  fix a sum which shall be paid to it
  annually by the Utica transit authority in  respect  of  each  municipal
  project;  or (b) agree that the Utica transit authority shall not pay or
  be liable to pay any sum whatsoever in respect of a municipal project or
  projects for any year or years; or (c)  agree  with  the  Utica  transit
  authority upon the sum to be paid by the Utica transit authority for any
  year  or  years in respect of a municipal project or projects, or accept
  or agree to accept a fixed sum or other consideration in  lieu  of  such
  payment;  provided, however, that the sum fixed, or agreed to be paid by
  the Utica transit authority, for any year shall in no  case  exceed  the
  sum  last  levied  as  an  annual tax upon the property included in such
  project prior to the time  of  its  acquisition  by  the  Utica  transit
  authority.