N.Y. Public Authorities Law § 1807: Exemption from taxation of bonds and notes of the authority

§ 1807. Exemption from taxation of bonds and notes of the authority.

The state covenants with the purchasers and with all subsequent holders

and transferees of bonds and notes issued by the authority pursuant to

this title, in consideration of the acceptance of and payment for the

bonds and notes, that the bonds and notes 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 and gift taxes and

taxes on transfers.