N.Y. Public Authorities Law § 2046-o: Tax contract

§ 2046-o. Tax contract. The state covenants with the purchasers and

with all subsequent holders and transferees of bonds or notes issued by

the agency pursuant to this title, in consideration of the acceptance of

and payment for the bonds or notes that the bonds and notes of the

agency 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 or notes, shall at all times, be free from taxation except for

estate and gift taxes and taxes on transfers.