§ 103. Exemption from taxation. The bonds and securities issued by
the city and the income or profits therefrom, the railroads and property
owned by the city and the gross receipts or income derived from such
railroads and property or from the operation thereof, and the
transportation or right to or privilege of transportation of persons or
property upon any such railroads, shall at all times be free from
taxation or assessment by the state or by any subdivision thereof.