N.Y. Public Authorities Law § 372: Tax covenant

§ 372. Tax covenant. The state covenants with the purchasers and with

all subsequent holders and transferees of notes and bonds issued by the

authority, in consideration of the acceptance of and payment for the

notes and bonds, that the notes and bonds of the authority issued

pursuant to this title and the income therefrom and all its fees,

charges, rents, gifts, grants, revenues, receipts and other moneys

received or to be received, pledged to pay or secure the payment of such

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

estate or gift taxes and taxes on transfers.