Section 161-A. Tax contract by the state

1.  It  is hereby found,
  determined and declared that the authority and the carrying out  of  its
  corporate  purposes are in all respects for the benefit of the people of
  the state, for the improvement of their health, welfare and  prosperity,
  and  for  the  promotion  of  their  traffic, and that said purposes are
  public  purposes  and  that  the  bridges,  parkways  and   improvements
  constructed  or  operated  by the authority are an essential part of the
  public park and parkway system and that the authority  is  and  will  be
  performing  an  essential  governmental  function in the exercise of the
  powers conferred upon it by law, and the state  of  New  York  covenants
  with  the  purchasers and with all subsequent holders and transferees of
  the bonds issued after January first, nineteen  hundred  thirty-nine  by
  the  parkway  authority  pursuant to this title, in consideration of the
  acceptance of and payment for the bonds that the bonds of the  authority
  issued  after  January  first,  nineteen hundred thirty-nine pursuant to
  this title and the income therefrom and all  moneys,  funds,  tolls  and
  other  revenues pledged to pay or secure the payment of such bonds 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 any tax exemptions
  granted by general law.
    * NB (Authority abolished June 30, 1978)