The authority is hereby declared to be a public instrumentality of the state, performing a public function for the benefit of the people of the state for the improvement of their welfare and educational and cultural opportunities. Accordingly, the income or other revenues of the authority, all properties at any time owned by the authority, any bonds, notes, or other obligations issued pursuant to this article and the transfer thereof and the income therefrom (including any profit made on the sale thereof), and all mortgages, leases, trust indentures, and other documents issued in connection therewith shall be exempt at all times from all taxation and assessments in the state of Colorado. Bonds issued by the authority shall also be exempt from the 'Colorado Securities Act', article 51 of title 11, C.R.S.L. 81: Entire article added, p. 1108, § 1, effective July 1. L. 89: Entire section amended, p. 992, § 9, effective April 8. L. 90: Entire section amended, p. 740, § 5, effective July 1. L. 98: Entire section amended, p. 607, § 12, effective May 4.