It is hereby declared that the authority and the carrying out of its corporate purposes are in all respects for the benefit of the people of the state of Rhode Island for the improvement of their health, welfare, and prosperity, and the authority will perform an essential government function in the exercise of the powers conferred by this chapter, and the state of Rhode Island covenants that the authority shall be required to pay no taxes or assessments or sums in lieu of taxes, except as provided in § 46-24-11, to the state or any political subdivision thereof upon any of the property acquired by it or under its jurisdiction, control, possession, or supervision, or upon its activities in the operation and maintenance of the property, or upon any earnings, moneys, revenues, or other income derived by the authority, and the income therefrom shall at all times be exempt from taxation.
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