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 of Albany and its environs, 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 or assessments upon any
of the property 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
estate or gift taxes and taxes on transfers.
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