It is hereby found, determined and declared that the establishment of the Market under the provisions of this subheading is in all respects for the benefit of the inhabitants of the City and is a public purpose, and that the City and the Authority will be performing an essential governmental function in the exercise of the powers conferred by this subheading, and the Authority shall not be required to pay any taxes or assessments upon the Market or any part thereof or upon its activities in the operation and maintenance of the Market or upon any revenues therefrom, and the Market and the bonds of the Authority and the interest thereon shall be and remain forever exempt from all State, municipal and local taxation; provided, however, that the Authority may pay to the City within three months after the close of each fiscal year of the Authority, the amount determined by any contract entered into by and between the Authority and the City as the amount to be paid to the City in lieu of taxes; provided, further, the amount so to be paid pursuant to any such contract shall not be in excess of the amount of the annual ad valorem property tax which shall have been levied by the City upon any part of the Market property in the last tax levy prior to the acquisition thereof by the Authority, such payments, however, to be made only from the net revenues, if any, of the Authority for each such fiscal years which remain after paying all expenses of maintaining, repairing and operating the Market, making all required payments or transfers of monies to the credit of the Sinking Fund for the bonds issued under the provisions of this subheading and then outstanding, setting aside reserves for such purposes, and setting aside reserves for depreciation, improvements and extensions of the Market, all as may be required by any such contract or by the resolution authorizing such revenue bonds or by the trust indenture securing the same. P.L.L., 1969, §10-13 1945, ch. 863