Section 40-33.1-12 - Tax exemptions1. It is hereby determined that the creation of an authority and the carrying out of its corporate purposes is in all respects for the benefit of the people of the city which has authorized it and its environs, and is a public purpose, and an authority shall be regarded as performing a governmental function in the exercise of the powers conferred upon it by this chapter and shall be required to pay no ad valorem taxes 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 chapter, together with the income therefrom, as well as the property of an authority and income from any other source, shall be exempt from taxation, except for transfer and estate taxes.