(a) The exercise of the powers granted by this chapter shall be, in all respects, for the benefit of the people of this state, the increase of their commerce, welfare, and prosperity and for the improvement of their health and living conditions and will constitute the performance of an essential governmental function and the hub shall not be required to pay any taxes or assessments upon or in respect of any property or monies of the hub, levied by any municipality or political subdivision of the state. (b) The hub shall not be required to pay state taxes of any kind, and the hub, its property and monies and, except for estate, inheritance, and gift taxes, any bonds or notes issued under the provisions of this chapter and the income (including gain from sale or exchange) from these shall at all times be free from taxation of every kind by the state and by the municipalities and all political subdivisions of the state. The hub shall not be required to pay any transfer tax of any kind on account of instruments recorded by it or on its behalf.
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