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The exercise of the powers granted by this Chapter will be in all respects for the benefit of the people of the state, for the increase of their commerce and prosperity, and for the improvement of their health and living conditions, and as the operation and maintenance of projects by the authority will constitute the performance of essential government functions, the authority shall not be required to pay any taxes or assessments upon any project or any property acquired or used by the authority under the provisions of this Chapter or upon the income therefrom, and every project and any property acquired or used by the Authority under the provisions of this Chapter and the income therefrom, and the bonds issued under the provisions of this Chapter, their transfer and the income therefrom (including any profit made on the sale thereof) shall be exempt from taxation within the state.  

Acts 1954, No. 232, §19.