(a) All property, including funds of the System, shall be exempt from levy and sale by virtue of execution, and no execution or other judicial process shall issue against the same nor shall any judgment against the System be a charge or lien upon its property. However, this subsection shall not apply to or limit the right of bond holders or mortgage holders or other lending institutions to pursue any remedy for the enforcement of any pledge or lien given by the System on its fees, revenues, or other income or any other funds.
(b) In that the purpose for which the System is created and exercises its powers for public purposes, the property of the System, its income, and its activities, shall be exempt from all taxes and special assessments of the Government of the Virgin Islands or any political subdivisions thereof.