Section 11-20-12
Exemption from taxation of projects, bonds, etc.
The bonds authorized by this article and the income therefrom, all mortgages executed as security therefor, all lease agreements made pursuant to the provisions hereof and all projects and the revenue derived from any lease thereof shall be exempt from all taxation in the State of Alabama.
(Acts 1961, Ex. Sess., No. 178, p. 2147, §11.)