The exercise of the powers granted by this article will be in all respects for the benefit of the people of the State, for the increase of their commerce, welfare and prosperity, and for the improvement of their health, education, and living conditions, and will constitute the performance of an essential governmental function, and neither the Authority nor its agent nor any lessee shall or may be required to pay any taxes or assessments upon or in respect of a project or any property acquired or used by the Authority or its agent or any lessee under the provisions of this article, or upon the income therefrom, and any bonds issued under the provisions of this article, their transfer and the income therefrom including any profit made on the sale thereof, shall at all times be free from taxation of every kind by the State and by the municipalities and all other political subdivisions of the State.