N.Y. Public Authorities Law § 1207-g: Exemptions from taxation

§ 1207-g. Exemptions from taxation. 1. It is hereby found, determined

and declared that the authority and the carrying out of its corporate

purposes is in all respects for the benefit of the people of the state

of New York, and the authority will be performing an essential

governmental function in the exercise of the powers conferred by this

title, and the state of New York covenants with the purchasers and with

all subsequent holders and transferees of bonds and notes of the

authority issued pursuant to this title, in consideration of the

acceptance of any payments for such bonds and notes, that such bonds and

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

therefrom, and all moneys, funds, fares and other revenues pledged to

pay or secure the payment of such bonds and notes, shall at all times be

free from taxation except for estate taxes and taxes on transfers by or

in contemplation of death.

2. Nothing herein shall be construed to repeal or supersede any tax

exemptions heretofore or hereafter granted by general or other laws.