§ 1366. Exemption from taxation. 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 Oswego 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 act and shall be required to pay no taxes or assessments upon any of the properties acquired by the authority or under its jurisdiction, control or supervision, or upon its activities. Bonds or notes issued pursuant to this act, together with the income therefrom, as well as the property of the authority shall be exempt from taxation except for transfer and estate taxes.
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