Section 1420-O. Tax exemptions

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 Monroe region and  its
  environs,  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 be required to pay no taxes or
  assessments  upon  any  of  the  property  acquired  by  it or under its
  jurisdiction, control or supervision or upon its activities.
    2. Any bonds or notes issued pursuant to this title, together with the
  income therefrom, as well as the property of  the  authority,  shall  be
  exempt from taxation, except for transfer and estate taxes.