(1) Property owned by a nonprofit corporation, that is operated for the purpose of recycling or disposing of waste products and converting same to heat or cooling for public buildings or facilities where the reversionary interest to such properties is in the state or any of its political subdivisions, shall be exempt from taxation.
(2) Such purpose is defined as a public one, performed on behalf of such governmental entity, notwithstanding that some of the by-products of such undertaking may be furnished to private entities.