Section 566-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 is in all respects for the benefit of the people of  the  state
  of   New  York,  for  the  improvement  of  their  health,  welfare  and
  prosperity, and, in the case of some  of  the  said  purposes,  for  the
  promotion  of  their traffic, and that said purposes are public purposes
  and, in the case of those purposes which consist of  vehicular  bridges,
  vehicular  tunnels  and  approaches thereto, the project is an essential
  part of the public highway system and the authority will  be  performing
  an  essential  governmental  function  in  the  exercise  of  the powers
  conferred by this title, and the state of New York  covenants  with  the
  purchasers  and  with  all  subsequent  holders and transferees of bonds
  issued  after  January  first,  nineteen  hundred  thirty-nine  by   the
  authority  pursuant to this title, in consideration of the acceptance of
  any 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 or supersede any tax
  exemptions heretofore or hereafter granted by general or other laws.