N.Y. Public Authorities Law § 161-a: Tax contract by the state

* § 161-a. Tax contract by the state. 1. It is hereby found,

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

corporate purposes are in all respects for the benefit of the people of

the state, for the improvement of their health, welfare and prosperity,

and for the promotion of their traffic, and that said purposes are

public purposes and that the bridges, parkways and improvements

constructed or operated by the authority are an essential part of the

public park and parkway system and that the authority is and will be

performing an essential governmental function in the exercise of the

powers conferred upon it by law, and the state of New York covenants

with the purchasers and with all subsequent holders and transferees of

the bonds issued after January first, nineteen hundred thirty-nine by

the parkway authority pursuant to this title, in consideration of the

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

issued after January first, nineteen hundred thirty-nine pursuant to

this title and the income therefrom and all moneys, funds, tolls and

other 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.

2. Nothing herein shall be construed to repeal any tax exemptions

granted by general law.

* NB (Authority abolished June 30, 1978)