§ 12. Exemption from taxation of notes and bonds. It is hereby\ndetermined that the creation of the agency is in all respects for the\nbenefit of the people of the state and for the improvement of their\nhealth, safety, welfare, comfort and security, and that said purposes\nare public purposes and that the agency will be performing an essential\ngovernmental function in the exercise of the powers conferred upon it by\nthis act. The state covenants with the purchasers and all subsequent\nholders and transferees of notes and bonds issued by the agency, in\nconsideration of the acceptance of and payment for the notes and bonds,\nthat the notes and bonds of the agency, issued pursuant to this act and\nthe income therefrom and all its fees, charges, gifts, grants, revenues,\nreceipts, and other monies received or to be received, pledged to pay or\nsecure the payment of such notes or bonds shall at all times be free\nfrom taxation, except for estate and gift taxes and taxes on transfers.\n
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