§ 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.