1685 - Exemptions from taxation.

§  1685.  Exemptions from taxation. It is hereby found, determined and  declared 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 of New York, for the improvement of their  education,  welfare  and prosperity, and is a public purpose, and that the dormitories of the  authority  are an essential part of the state education system, 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 such dormitories or any moneys, 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.