Section 1807. Exemption from taxation of bonds and notes of the authority

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The state 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  payment  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 shall at
  all  times  be  free from taxation, except for estate and gift taxes and
  taxes on transfers.

                    
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