The effectuation of the authorized purposes of the authority created under this act in all respects shall and will be for the benefit of the people of the Commonwealth, for the increase of their welfare and prosperity and for the improvement of their education and educational facilities, and since the authority will be performing essential public functions in effectuating such purposes, the authority shall be exempt from payment of any taxes or assessments upon any property acquired, held, owned, leased or used by it for such purposes, and the bonds and revenue anticipation notes issued by the authority, their transfer and the income therefrom (including any profits made on the sale thereof) at all times shall be free from the taxation, other than inheritance and estate taxation, within the Commonwealth of Pennsylvania.