(a) All bonds of a municipal electric company are declared to be issued on behalf of the State for an essential public and governmental purpose and to be debts of a state municipal corporation.
(b) The property of a company including any pro rata share of any property owned by a company in conjunction with any other person or public agency is declared to be a public property used for essential public and governmental purposes and such property or pro rata share, a company and its income shall be exempt from all taxes of the State or any state public body.