Section 1207-G. Exemptions from taxation

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,  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  and  notes of the
  authority issued  pursuant  to  this  title,  in  consideration  of  the
  acceptance of any payments for such bonds and notes, that such bonds and
  notes  of  the  authority  issued  pursuant to this title and the income
  therefrom, and all moneys, funds, fares and other  revenues  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.