* § 161-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 are in all respects for the benefit of the people of
the state, for the improvement of their health, welfare and prosperity,
and for the promotion of their traffic, and that said purposes are
public purposes and that the bridges, parkways and improvements
constructed or operated by the authority are an essential part of the
public park and parkway system and that the authority is and will be
performing an essential governmental function in the exercise of the
powers conferred upon it by law, and the state of New York covenants
with the purchasers and with all subsequent holders and transferees of
the bonds issued after January first, nineteen hundred thirty-nine by
the parkway authority pursuant to this title, in consideration of the
acceptance of and 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 any tax exemptions
granted by general law.

* NB (Authority abolished June 30, 1978)