Section 536. Tax contract by the state

(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.