The state covenants with the purchasers and with all subsequent holders and transferees
of bonds and notes issued by the authority pursuant to this title, in consideration
of the acceptance of and payment for the bonds and notes, that the bonds and notes
of the authority issued pursuant to this title and the income therefrom, and all moneys,
funds and revenues pledged to pay or secure the payment of such bonds shall at all
times be free from taxation, except for estate and gift taxes and taxes on transfers.
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