(1) The state of New York 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 making of any payment for the bonds or notes, that the bonds
and notes of the authority issued pursuant to this title and the income therefrom,
and all moneys, funds, tolls and other revenue 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.
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