N.Y. Public Authorities Law § 1982: Tax contract by the state

§ 1982. Tax contract by the state. The state of New York 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 payments 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 and notes, shall at all times be

free from taxation except for transfer and estate taxes.