N.Y. Public Authorities Law § 1438: Tax contract by the state

§ 1438. Tax contract by the state. The state of New York covenants

with the purchasers and with all subsequent holders and transferees of

bonds issued by the authority pursuant to this title, in consideration

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

authority 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, shall at all times be free from taxation except for estate

taxes and taxes on transfers by or in contemplation of death.