Section 2792. Exemption from taxes, assessments and certain fees

1. The
  authority shall not be required to  pay  any  fees,  taxes,  special  ad
  valorem levies or assessments, whether state or local, including but not
  limited to fees, taxes, special ad valorem levies or assessments on real
  property,  franchise  taxes, sales taxes or other excise taxes, upon any
  property owned by it or under its jurisdiction, control or  supervision,
  or  upon  the  uses thereof, or upon its activities in the operation and
  maintenance of its facilities  or  any  fares,  tolls,  rentals,  rates,
  charges,  fees,  revenues  or  other  income  received by the authority.
  Notwithstanding the previous sentence, the authority shall  be  required
  to  pay water and pure water fees or charges as may be negotiated by any
  public corporation. The authority shall at all times be exempt from  any
  filing,  mortgage  recording  or  transfer  fees or taxes in relation to
  instruments filed, recorded or transferred by it or on its  behalf.  The
  construction, use, occupation or possession of any property owned by the
  authority  or  the county, including improvements thereon, by any person
  or public corporation under a lease, lease and  sublease  or  any  other
  agreement   shall  not  operate  to  abrogate  or  limit  the  foregoing
  exemption, notwithstanding that the lessee, user, occupant or person  in
  possession shall claim ownership for federal income tax purposes.
    2.  Any  bonds  issued pursuant to this title together with the income
  there from as well as the property of the authority shall at  all  times
  be  exempt  from  taxes, except for transfer and estate taxes. The state
  hereby covenants with the purchasers and with all subsequent holders and
  transferees of bonds issued by the authority pursuant to this title,  in
  consideration  of  the acceptance of and payment for the bonds, that the
  bonds of the authority issued pursuant to  this  title  and  the  income
  therefrom and all revenues, monies, and other property pledged to secure
  the  payment  of  such  bonds  shall at all times be free from taxation,
  except for transfer and estate taxes.