§ 3019. Exemption from taxation. 1. It is hereby determined that the
creation of a corporation and the carrying out of its corporate purpose
is in all respects a public and governmental purpose 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 a corporation will be performing an essential
governmental function in the exercise of the powers conferred upon it by
this act.

2. The property of a corporation and its income and operations shall
be exempt from taxation.

3. The notes and bonds of a corporation issued pursuant to authority
granted in the special act creating it or this act 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 notes or bonds shall at all times be free from
taxation, except for estate and gift taxes and taxes on transfers.