N.Y. PBA Law § 161-A

* § 161-a. Tax contract by the state. 1. It is hereby found,\ndetermined and declared that the authority and the carrying out of its\ncorporate purposes are in all respects for the benefit of the people of\nthe state, for the improvement of their health, welfare and prosperity,\nand for the promotion of their traffic, and that said purposes are\npublic purposes and that the bridges, parkways and improvements\nconstructed or operated by the authority are an essential part of the\npublic park and parkway system and that the authority is and will be\nperforming an essential governmental function in the exercise of the\npowers conferred upon it by law, and the state of New York covenants\nwith the purchasers and with all subsequent holders and transferees of\nthe bonds issued after January first, nineteen hundred thirty-nine by\nthe parkway authority pursuant to this title, in consideration of the\nacceptance of and payment for the bonds that the bonds of the authority\nissued after January first, nineteen hundred thirty-nine pursuant to\nthis title and the income therefrom and all moneys, funds, tolls and\nother revenues pledged to pay or secure the payment of such bonds shall\nat all times be free from taxation except for estate taxes and taxes on\ntransfers by or in contemplation of death.\n 2. Nothing herein shall be construed to repeal any tax exemptions\ngranted by general law.\n * NB (Authority abolished June 30, 1978)\n