It is hereby found, determined and declared that the creation of the authority and
the carrying out of its corporate purpose is in all respects for the benefit of the
people of this state, and that the authority is an institution of purely public charity
and will be performing an essential governmental function in the exercise of the power
conferred upon it by this division, and this state covenants with the holders of the
bonds that the authority shall not be required to pay any taxes or assessments upon
any of the property acquired or leased by it or under its jurisdiction, control, possession
or supervision or upon its activities in the operation or maintenance of the projects
erected by it or any fees, tolls or other charges for the use of such projects or
other income received by the authority, and that the bonds of the authority, their
transfer, and the income therefrom shall at all times be exempt from taxation within
the state. The exemption from taxation herein provided shall not extend to tenants
nor lessees of the authority and shall not include exemptions from sale and use taxes
on property purchased by the authority or for use by the authority.
(1981 Ga. Laws (Act No. 667), page 4350, § 3)
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