§ 3245. Exemption from taxation. 1. It is hereby determined that the
creation of the 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 the corporation will be performing an
essential governmental function in the exercise of the powers conferred
upon it by this title.

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

3. The bonds and notes of the corporation issued pursuant to this
title 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 bonds or notes shall at all times
be free from taxation, except for estate and gift taxes on transfers.

4. In the case of any bonds or notes of the corporation, interest on
which is intended to be exempt from federal income tax, the corporation
shall prescribe restrictions on the use of the proceeds thereof and
related matters as are necessary to assure such exemption, and the
recipients of such proceeds shall be bound thereby to the extent such
restrictions shall be made applicable to them.