Section 2326. 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.