(a) The property of each research park authority is exempt from all local and municipal taxes.
(b) Bonds, notes, debentures, and other evidences of indebtedness of the authority are declared to be issued for a public purpose and to be public instrumentalities and, together with interest thereon, are exempt from all state, county, and municipal taxes, including without limitation income tax, inheritance tax, and estate taxes.
(c) The establishment, development, and growth of research parks in the State of Arkansas serves a public purpose and use through:
(1) The creation of high-paying jobs;
(2) The ability to retain some of our most highly educated Arkansans;
(3) The growth of Arkansas-based businesses whose focus on the research and development of products and services will serve to diversify Arkansas's economy; and
(4) A strategic alliance between business and higher education that has the potential to substantially improve Arkansas's economy.