§ 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.