New York Laws
Sub Title 1 - Subtitle I General Provisions
1807 - Exemption From Taxation of Bonds and Notes of the Authority.

§ 1807. Exemption from taxation of bonds and notes of the authority.
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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