Section 2413. Exemption from taxation of bonds and notes and insurance commitments and loans

It is hereby determined that the creation of  the  agency  is  in  all respects for the benefit of the people of the state,
  for the improvement of their health and welfare, and for  the  promotion
  of  the  economy,  and  that  said  purposes are public purposes and the
  agency will be performing an  essential  governmental  function  in  the
  exercise  of  the  powers conferred upon it by this title, and the state
  covenants with the purchasers and all subsequent holders and transferees
  of bonds and notes  issued  by  the  agency,  in  consideration  of  the
  acceptance  of  and  payment for the bonds and notes, that the bonds and
  notes of the agency, issued  pursuant  to  this  title  and  the  income
  therefrom  and all its fees, charges, gifts, grants, revenues, receipts,
  and other moneys received or to be received, pledged to  pay  or  secure
  the  payment  of  such  bonds  or  notes shall at all times be free from
  taxation, except for estate or gift taxes and taxes on transfers and  in
  addition  all other property of the agency and its income and operations
  shall be exempt from taxation.