§ 2713. Exemption from taxation of bonds. It is hereby determined that\nthe creation of the authority is in all respects for the benefit of the\npeople of the state and for the improvement of their health, safety,\nwelfare, comfort and security, and that said purposes are public\npurposes and that the authority will be performing an essential\ngovernmental function in the exercise of the powers conferred upon it by\nthis title. The state covenants with the purchasers and all subsequent\nholders and transferees of bonds issued by the authority, in\nconsideration of the acceptance of and payment for the bonds, that the\nbonds of the authority, issued pursuant to this title and the income\ntherefrom and all its fees, charges, gifts, grants, revenues, receipts,\nand other moneys received or to be received, pledged to pay or secure\nthe payment of such bonds shall at all times be free from taxation\nexcept for estate or gift taxes and taxes on transfers.\n
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