(1) All transit systems formed under this chapter, and all the properties thereof, are declared to be public properties used exclusively for public purposes.
(2) The legislative intent of this section is that these transit systems, and all properties thereof, shall be exempt from: Ad valorem taxes under and pursuant to the provisions of Arkansas Constitution, Article 16, § 5; and
(3) Motor vehicle registration fees levied by the state. However, a one dollar ($1.00) annual registration fee shall be charged on all vehicles used for public transit purposes by an authority.