The accomplishment of the purposes stated in this article being for the benefit of the people of this state and for the improvement of their properties and industries, the district, in carrying out the purposes of this article, will be performing an essential public function and shall not be required to pay any tax or assessment on the project and related facilities or any part thereof. The interest on the bonds issued hereunder shall at all times be free from any taxation within this state, and the state hereby covenants with the holders of any bonds to be issued hereunder that the district shall not be required to pay any taxes or assessments imposed by the state or any of its political subdivisions or taxing districts.
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