A.  The system shall be exempt from all taxes and assessments whatsoever, including sales, use, franchise, property, and income taxes levied by the state of Louisiana or by any parish, municipality, or other political subdivision of the state.  In the event of any lease of system property, or any other arrangement providing the use of system property, to a private party, this exemption shall not apply to the value of such leasehold or use interest or to the lease or use income of the lessee.  Otherwise, for purposes of taxation when property of the system is leased to or used by private parties to be employed solely for purposes of the system, the activities of the lessee shall be considered as the activities of the system, and the exemption provided for in this Section shall apply to such property and activities.

B.  Except as provided in this Chapter and by laws generally applicable to political subdivisions, the system shall not be subject in any respect to the authority, control, or supervision of any regulatory body of the state, including but not limited to the Public Service Commission or by any political subdivision of the state. The system shall not be deemed a common carrier by any court of this state in a suit for personal injury or property damage.  It shall cause its financial records to be audited annually, shall be subject to inspection and audit by the legislative auditor, and shall be subject to state laws relating to open meetings, public records, and public contracts.

Acts 2005, No. 463, §1, eff. Jan.1, 2006.