(a) The authority, its properties at any time owned by it and the income and revenues therefrom shall be exempt from all state, county and municipal taxation. All bonds, notes and refunding bonds issued by the authority and the income therefrom shall be exempt from all state, county and municipal taxation, except inheritance, transfer and estate taxes or except as otherwise provided by state law. For purposes of title 42, chapter 2, and any amendments to title 42, chapter 2 or substitution for title 42, chapter 2, bonds issued by the authority shall be deemed to be securities issued by a public instrumentality or a political subdivision of the state.
(b) Neither the Tennessee public utility commission nor any other board or commission of like character hereafter created shall have jurisdiction over the authority in the management and control of a system, including the regulation of its rates, fees, tolls, or charges, except to the extent provided by this part; provided, however, the authority is subject to regulation by the department of health and the department of environment and conservation as a public water supply and public sewerage system.
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