§ 1207-g. Exemptions from taxation. 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, 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 and notes of the
authority issued pursuant to this title, in consideration of the
acceptance of any payments for such bonds and notes, that such bonds and
notes of the authority issued pursuant to this title and the income
therefrom, and all moneys, funds, fares and other revenues pledged to
pay or secure the payment of such bonds and notes, 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.