(1) A person or entity that owns a motor vehicle that is used exclusively by volunteer rescue squads may apply to the Secretary of the Department of Finance and Administration for the issuance of a volunteer rescue squad special license plate to be used exclusively on motor vehicles that are operated for the purposes of the volunteer rescue squad.
(2) A motor vehicle licensed under this section shall: Be painted a distinguishing color; and
(3) Clearly and conspicuously display the identity of the volunteer rescue squad in letters and figures not less than three inches (3") in height.
(4) A motor vehicle purchased for the exclusive use by a volunteer rescue squad shall be exempt from the gross receipts and compensating use tax.