The effectuation of the authorized purposes of an authority created under this chapter shall be in all respects for the benefit of the people of this Commonwealth, for the increase of their commerce and prosperity and for the improvement of their health and living conditions. The authority will, as a public instrumentality of the Commonwealth, be performing essential governmental functions. In effectuating such purposes, the authority shall not be required to pay any taxes or assessments upon a convention center or part of a convention center or upon property acquired or used or permitted to be used by an authority for such purposes. Bonds issued by an authority and the transfer of and income from bonds, including profit made on the sale of bonds, shall be free from State and local taxation within this Commonwealth. This exemption shall not extend to gift, estate, succession or inheritance taxes or any other taxes not levied directly on the bonds, the transfer of bonds, the income from bonds or the realization of profits on the sale of bonds.