2006 New York Code - Tax Covenant.

 
    §  372. Tax covenant. The state covenants with the purchasers and with
  all subsequent holders and transferees of notes and bonds issued by  the
  authority,  in  consideration  of  the acceptance of and payment for the
  notes and bonds, that the  notes  and  bonds  of  the  authority  issued
  pursuant  to  this  title  and  the  income  therefrom and all its fees,
  charges, rents, gifts,  grants,  revenues,  receipts  and  other  moneys
  received or to be received, pledged to pay or secure the payment of such
  notes  or  bonds  shall  at  all  times be free from taxation except for
  estate or gift taxes and taxes on transfers.