The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the state and for the facilitation of the conduct of their public business, and will constitute the performance of essential governmental functions. Therefore, the authority shall not be required to pay any taxes or assessments upon any property acquired or used by the authority under the provisions of this chapter or upon any income it may receive, and the bonds issued under the provisions of this chapter, their transfer and the income therefrom (including any profit made on the sale thereof), shall at all times be free from taxation by the state or any political subdivision or other instrumentality of the state, excepting estate taxes.
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