Section 1598-M. 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 city 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 or 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.