§ 22. Exemption from taxation. The exercise of the powers granted by
this act will be in all respects for the benefit of the people of this
state, for the increase of their commerce, welfare and prosperity, and
for the improvement of their health and living conditions, and will
constitute the performance of an essential governmental function and the
corporation and its subsidiaries shall not be required to pay any taxes,
other than assessments for local improvements, upon or in respect of a
project or of any property or moneys of the corporation or any of its
subsidiaries, levied by any municipality or political subdivision of the
state, nor shall the corporation or its subsidiaries be required to pay
state taxes of any kind, and the corporation, its subsidiaries,
projects, property and moneys and, except for estate and gift taxes and
taxes on transfers, any bonds or notes issued under the provisions of
this act and the income therefrom, shall at all times be free from
taxation of every kind by the state and by the municipalities and all
other political subdivisions of the state.