(a) An issuer is not required to pay a tax or other assessment on a control facility or part of a control facility.
(b) Bonds issued under this chapter, the transfer of the bonds, and income from the bonds are exempt from taxation in this state.
(c) This chapter does not affect state law relating to an ad valorem tax imposed on a person who is not a public agency or political subdivision or on an interest held by such a person. A control facility purchased or used under this chapter is subject to ad valorem taxation payable by the person contracting with the issuer for the facility's purchase or use as if the contract created a leasehold.