§ 585. Bonds and notes to be tax exempt. 1. It is hereby determined
that the creation of the authority and the carrying out of its corporate
purposes is a public purpose, and the authority shall be regarded as
performing a governmental function in the exercise of the powers
conferred upon it by this title and shall be required to pay no taxes or
assessments upon any of the property acquired by it or under its
jurisdiction or control or supervision or upon its activities, or upon
the income therefrom.

2. Any bonds or notes issued pursuant to this title, together with the
income therefrom, as well as the property of the authority, shall be
exempt from taxation, except for transfer and estate taxes.