(1) Whenever any dealer in new motor vehicles in this state shall lend any new motor vehicle to any public school district in this state to be used by the district and to be returned to the motor vehicle dealer within a specified time, the motor vehicle shall be exempt from all state, county, or municipal taxes and license fees during the time it is being used by the school district.
(2) The Secretary of the Department of Finance and Administration shall issue, without charge to the school district, the appropriate motor vehicle license plates for the vehicle.
(3) Upon any such motor vehicle's being returned to the motor vehicle dealer and upon the sale of the vehicle by the dealer, the appropriate gross receipts taxes, registration and license fees, and any other taxes due on the vehicle shall be due and payable in the manner provided by law.