2479 - Exemption from taxation of bonds and notes.

*  §  2479.  Exemption  from taxation of bonds and notes. It is hereby  determined that the creation of the authority is in all respects for the  benefit of the people of the state, for the improvement of their  health  and  welfare,  and  for  the  promotion  of  the  economy, and that said  purposes are public purposes and the authority  will  be  performing  an  essential  governmental function in the exercise of the powers conferred  upon it by this title, and the state covenants with the  purchasers  and  all  subsequent holders and transferees of bonds and notes issued by the  authority, in consideration of the acceptance of  and  payment  for  the  bonds  and  notes,  that  the  bonds  and notes of the authority, issued  pursuant to this title and  the  income  therefrom  and  all  its  fees,  charges, gifts, grants, revenues, receipts, and other moneys received or  to  be  received,  pledged to pay or secure the payment of such bonds or  notes shall at all times be free from taxation,  except  for  estate  or  gift taxes and taxes on transfers.    * NB (Disbanded March, 1980)