§ 663. Exemption from taxation. 1. The property of the corporation and
its income and operations shall be exempt from taxation.

2. It is hereby determined that the creation of the corporation 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 corporation will be
performing an essential governmental function in the exercise of the
powers conferred upon it by this article. The state covenants with the
purchasers and all subsequent holders and transferees of notes and bonds
issued by the corporation, in consideration of the acceptance of and
payment for the notes and bonds, that the notes and bonds of the
corporation issued pursuant to this article 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. The corporation is
authorized to include this covenant of the state in any agreement with
the holders of such notes or bonds.