N.Y. Public Authorities Law § 566-a: Tax contract by the state

§ 566-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 is in all respects for the benefit of the people of the state

of New York, for the improvement of their health, welfare and

prosperity, and, in the case of some of the said purposes, for the

promotion of their traffic, and that said purposes are public purposes

and, in the case of those purposes which consist of vehicular bridges,

vehicular tunnels and approaches thereto and the central business

district tolling program, the project is an essential part of the public

highway system and the authority will be performing an essential

governmental function in the exercise of the powers conferred by this

title, and the state of New York covenants with the purchasers and with

all subsequent holders and transferees of bonds issued after January

first, nineteen hundred thirty-nine by the authority pursuant to this

title, in consideration of the acceptance of any 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 or supersede any tax

exemptions heretofore or hereafter granted by general or other laws.