52:18A-70.Ā  Exemption from taxation The exercise of the powers granted by this act will be in all respects for the benefit of the people of the State, and as the operation and maintenance ofĀ  projects by the Authority will constitute the performance of a governmentalĀ  function, the Authority shall not be required to pay any taxes or assessmentsĀ  upon any project acquired or used by the Authority under the provisions of thisĀ  act or upon the income therefrom, and any project and any property acquired orĀ  used by the Authority under the provisions of this act and the incomeĀ  therefrom, and the bonds issued under the provisions of this act, theirĀ  transfer and the income therefrom (including any profit made on the saleĀ  thereof) shall be exempt from taxation.

L.1950, c. 255, p. 892, s. 21.
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