Section 1105. Exemption from taxes

1. It is hereby determined that the
  creation of the authority and the carrying out of its corporate purposes
  is in all respects for the benefit of the people of the county of Monroe
  and its environments, and is a public purpose, and the  authority  shall
  be regarded as performing a governmental function in the exercise of the
  powers  conferred upon it by this title and shall not be required to pay
  any taxes, special ad valorem levies or  special  assessments  upon  any
  property  owned  by it or under its jurisdiction, control or supervision
  or upon its activities, or any filing, recording or  transfer  taxes  in
  relation  to  instruments filed, recorded or transferred by it or on its
  behalf.
    2. Any bonds or notes issued pursuant to this title, together with the
  income therefrom shall be exempt from taxation, except for transfer  and
  estate  taxes.  The  revenues,  monies  and  other  properties  and  the
  activities of the authority shall be exempt from taxes and  governmental
  fees  or  charges,  whether  imposed  by  the state or any municipality,
  including real estate taxes, franchise taxes or other excise taxes.
    3. Notwithstanding any other provisions of this chapter, the authority
  may make  payments  in  lieu  of  taxes  to  municipalities  and  school
  districts   on   any  property  of  the  authority  located  within  the
  jurisdiction of such municipality or school  district.  The  amounts  of
  such  payments in lieu of taxes shall be as determined by the authority,
  provided, however, that the sum paid by the authority for any year shall
  in no case exceed the sum last levied  by  the  municipality  or  school
  district  as an annual tax upon the property prior to its acquisition by
  the authority.