§ 10. Exemption from taxation of notes and bonds.

It is hereby determined that the creation of the agency is in all
respects for the benefit of the people of the state and for the
improvement of their health, safety, welfare, comfort and security, and
that said purposes are public purposes and that the agency will be
performing an essential governmental function in the exercise of the
powers conferred upon it by this act. The state covenants with the
purchasers and all subsequent holders and transferees of notes and bonds
issued by the agency, in consideration of the acceptance of and payment
for the notes and bonds, that the notes and bonds of the agency, issued
pursuant to this act and the income therefrom and all its fees, charges,
gifts, grants, revenues, receipts, and other monies received or to be
received, pledged to pay or secure the payment of such notes or bonds
shall at all times be free from taxation, except for estate and gift
taxes and taxes on transfers.