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
city and 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, special ad valorem levies
or special assessments upon any real property owned by it or any filing, recording
or transfer fees or taxes in relation to instruments filed, recorded or transferred
by it or on its behalf. The authority shall be deemed a public authority for the purposes of section four hundred twelve of the real property tax law.
2. Notwithstanding any provision in this section to the contrary, the authority may
pay, or may enter into agreements with any municipality to pay, a sum or sums, annually
or otherwise, or to provide other considerations to such municipality with respect
to real property owned by the authority located within such municipality.
3. Any bonds issued pursuant to this title together with the income therefrom shall
be exempt from taxation except for transfer and estate taxes. The revenues, moneys and all other property 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 and payment for the bonds, that the bonds of the authority issued
pursuant to this title and the income therefrom shall be free from such taxation,
as aforestated herein, and that all revenues, moneys, and other property pledged to
secure the payment of such bonds shall at all times be free from such taxes as aforestated
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