N.Y. Pub. Auth. Law § 2479

* § 2479. Exemption from taxation of bonds and notes. It is hereby\ndetermined that the creation of the authority is in all respects for the\nbenefit of the people of the state, for the improvement of their health\nand welfare, and for the promotion of the economy, and that said\npurposes are public purposes and the authority will be performing an\nessential governmental function in the exercise of the powers conferred\nupon it by this title, and the state covenants with the purchasers and\nall subsequent holders and transferees of bonds and notes issued by the\nauthority, in consideration of the acceptance of and payment for the\nbonds and notes, that the bonds and notes of the authority, issued\npursuant to this title and the income therefrom and all its fees,\ncharges, gifts, grants, revenues, receipts, and other moneys received or\nto be received, pledged to pay or secure the payment of such bonds or\nnotes shall at all times be free from taxation, except for estate or\ngift taxes and taxes on transfers.\n * NB (Disbanded March, 1980)\n