§ 19 — Exemption from taxation

§ 19. Exemption from taxation. 1. The moneys and property of the\ncorporation and any property under its jurisdiction, control or\nsupervision, and all of its activities and operations shall be exempt\nfrom taxation.\n 2. The state of New York covenants with the purchasers of and with all\nsubsequent holders and transferees of bonds and notes issued by the\ncorporation pursuant to this act, in consideration of the acceptance of\nand payment for the said bonds and notes, that the said bonds and notes\nand the income therefrom, and all moneys, funds and revenue pledged to\npay or secure the payment of such bonds and notes shall at all time be\nfree from taxation, except for estate and gift taxes and taxes on\ntransfers.\n