Section 1982. Tax contract by the state

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 acceptance of and payments for the bonds and notes,
  that the bonds and notes of the authority issued pursuant to this  title
  and  the income therefrom, and all moneys, funds and revenues pledged to
  pay or secure the payment of such bonds and notes, shall at all times be
  free from taxation except for transfer and estate taxes.