665 - Tax contract by the state.

§  665.  Tax contract by the state. 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  for the promotion of their traffic and recreation, and  that said purposes are public purposes and the project is  an  essential  part  of  the  public  highway,  park  and  recreational  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 notes and bonds issued by the authority pursuant to this  title, 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 moneys,  funds,  tolls  and  other  revenues  pledged  to pay or secure the payment of such notes and  bonds, shall at all times be free from taxation except for estate  taxes  and taxes on transfers by or in contemplation of death.