2-10-7
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2-10-7.
It
is found, determined, and declared that the creation of the authority and the
carrying out of its corporate purposes is in all respects for the benefit of the
people of this state and that the authority is an institution of purely public
charity and will be performing an essential governmental function in the
exercise of the power conferred upon it by this article. This state covenants
with the holders of the bonds that the authority shall be required to pay no
taxes or assessments upon any of the property acquired or leased by it under its
jurisdiction, control, possession, or supervision or upon its activities in the
operation or maintenance of the projects erected by it nor any fees, rentals, or
other charges for the use of such projects or other income received by the
authority and that the bonds of the authority, their transfer, and the income
therefrom shall at all times be exempt from taxation from within the state.