An Authority shall have power to issue bonds for any of its corporate purposes, the principal and interest of which are payable from its revenues generally. Any of such bonds may be secured by a pledge of any revenues, including grants or contributions from the Federal or State government, or any agency and instrumentality thereof, or by a mortgage of any property of the Authority.

The bonds issued by an Authority are hereby declared to have all the qualities of negotiable instruments under the law merchant and the negotiable instruments law of the Commonwealth of Pennsylvania.

The bonds of an Authority, created under the provisions of this act, and the income therefrom, shall at all times be free from taxation for State or local purposes under any law of this Commonwealth.

Neither the members of an Authority, nor any person executing the bonds, shall be liable personally on any such bonds by reason of the issuance thereof. Such bonds, or other obligations of an Authority, shall not be a debt of any municipality or of the Commonwealth, and shall so state on their face, nor shall any municipality or the Commonwealth, nor any revenues or any property of any municipality or of the Commonwealth, be liable therefor.