§ 22. Exemption from taxation. The exercise of the powers granted by\nthis act will be in all respects for the benefit of the people of this\nstate, for the increase of their commerce, welfare and prosperity, and\nfor the improvement of their health and living conditions, and will\nconstitute the performance of an essential governmental function and the\ncorporation and its subsidiaries shall not be required to pay any taxes,\nother than assessments for local improvements, upon or in respect of a\nproject or of any property or moneys of the corporation or any of its\nsubsidiaries, levied by any municipality or political subdivision of the\nstate, nor shall the corporation or its subsidiaries be required to pay\nstate taxes of any kind, and the corporation, its subsidiaries,\nprojects, property and moneys and, except for estate and gift taxes and\ntaxes on transfers, any bonds or notes issued under the provisions of\nthis act and the income therefrom, shall at all times be free from\ntaxation of every kind by the state and by the municipalities and all\nother political subdivisions of the state.\n
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