N.Y. General Municipal Law § 876: Tax contract by the state

§ 876. Tax contract by the state. The state covenants with the

purchasers and with all subsequent holders and transferees of bonds or

notes issued by the agency pursuant to this title, in consideration of

the acceptance of and payment for the bonds or notes, that the bonds and

notes of the agency issued pursuant to this title and the income

therefrom, and all moneys, funds and revenues pledged to pay or secure

the payment of such bonds or notes shall at all times be free from

taxation except for estate taxes and taxes on transfers by or in

contemplation of death.