All property of the Authority is declared to be public property devoted to an essential public and governmental function and purpose and shall be exempt from all taxes and special assessments of the State or any political subdivision. All bonds issued pursuant to this chapter are hereby declared to be issued by a body corporate and politic of the State and for an essential public and governmental purpose and the bonds, and the interest thereon and the income therefrom, whether or not the interest on the bonds is subject to federal income taxation, and all funds, revenues, income and other moneys received or to be received by the Authority and pledged or available to pay or secure the payment of the bonds, or interest thereon, shall at all times be exempt from taxation by the State, or any political subdivision, except for transfer, inheritance and estate taxes.
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