(a) The authority, its properties at any time owned by it, and the income and revenues derived from such properties are exempt from all state, county, and municipal taxation. Notwithstanding this subsection (a) and § 64-10-101(a), any property sold by the authority under a lease purchase agreement is not exempt from state, county, or municipal taxation. All bonds, notes, and other obligations issued by the authority and the income from such bonds, notes, and other obligations are exempt from all state, county, and municipal taxation, except inheritance, transfer, and estate taxes, or except as otherwise provided by state law. Bonds issued by the authority are 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 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; provided, however, that the authority is subject to regulation by the department of environment and conservation as a public sewerage system.
(c) Notwithstanding any other law to the contrary, the authority may acquire, construct, improve and extend a system in the region served by the authority without the consent of any county, city or utility district.
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