* § 2517. 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 (Discontinued-Board of Directors never appointed)