Section 64 - Tax exemptions1. The Utica transit authority shall be exempt from the payment of (a) any taxes or fees to the state or any subdivision thereof, (b) any fees to any officer or employee of the state or of any subdivision thereof, except where it is provided by or pursuant to law that such officer or employee is personally entitled to such fees as compensation for services rendered or performed by him in his official capacity.2. Bonds, mortgages, notes and other obligations of the Utica transit authority are declared to be issued for a public purpose and to be public instrumentalities and together with interest thereon, shall be exempt from tax.3. The property of the Utica transit authority shall be exempt from all local and municipal taxes. The Utica transit authority may agree with any municipality within the Utica transit authority's jurisdiction that such municipality will (a) fix a sum which shall be paid to it annually by the Utica transit authority in respect of each municipal project; or (b) agree that the Utica transit authority shall not pay or be liable to pay any sum whatsoever in respect of a municipal project or projects for any year or years; or (c) agree with the Utica transit authority upon the sum to be paid by the Utica transit authority for any year or years in respect of a municipal project or projects, or accept or agree to accept a fixed sum or other consideration in lieu of such payment; provided, however, that the sum fixed, or agreed to be paid by the Utica transit authority, for any year shall in no case exceed the sum last levied as an annual tax upon the property included in such project prior to the time of its acquisition by the Utica transit authority.