§ 566. Exemptions from taxation. It is hereby found, determined and\ndeclared that the creation of the authority and the carrying out of its\ncorporate purposes is in all respects for the benefit of the people of\nthe state of New York, for the improvement of their health, welfare and\nprosperity, and, in the case of some of the said purposes, for the\npromotion of their traffic, and is a public purpose, and that, in the\ncase of those purposes which consist of vehicular bridges, vehicular\ntunnels and approaches thereto, the project is an essential part of the\npublic highway system, and that the authority will be performing an\nessential governmental function in the exercise of the powers conferred\nupon it by this title, and the state of New York covenants with the\nholders of the bonds that the authority shall be required to pay no\ntaxes or assessments upon any of the property acquired by it or under\nits jurisdiction, control, possession or supervision or upon its\nactivities in the operation and maintenance of the project or any tolls,\nrevenues or other income received by the authority and that the bonds of\nthe authority and the income therefrom shall at all times be exempt from\ntaxation, except for transfer and estate taxes. This section shall\nconstitute a covenant and agreement with the holders of all bonds issued\nprior to January first, nineteen hundred thirty-nine.\n
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