N.Y. PBA Law § 2618

§ 2618. Property and income of the authority. 1. The property of the\nauthority and its income and operations shall be exempt from assessments\nof every kind and nature.\n 2. The authority may receive, accept, invest, administer, expend and\ndisburse for its corporate purposes appropriations from the state and\nthe park district, and other revenues and moneys made available or to be\nmade available to it from any or all sources public or private.\n 3. Any such moneys of the authority not required for immediate use\nmay, at the discretion of the authority, be invested pursuant to the\nprovisions of section ninety-eight-a of the state finance law.\n 4. The authority shall accept from the New York state urban\ndevelopment corporation, created by chapter one hundred seventy-four of\nthe laws of nineteen hundred sixty-eight, constituting the New York\nstate urban development corporation act, all of the personal property\nacquired by it from Lake Placid nineteen hundred eighty Olympic\nOrganizing Games, Inc.\n