Section 54. Exemption from taxation of notes and bonds

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