(a) All property of the System, including funds, are exempt from judicial process of every kind, including without limitation, attachment, levy, execution and sale by virtue of an execution, and no judgment may be lien or charge upon its property or funds; but this subsection does not apply to or limit the right of obligees of the System to foreclose or otherwise enforce any mortgage or other security of the System or to pursue any remedies for the enforcement of any lien or pledge given by the System upon its revenues, or to the right of the federal government to pursue any rights conferred upon it by federal law, any contract, or the provisions of this chapter.
(b) The property of the System acquired or held for its corporate purposes is declared to be public property used for essential public and governmental purposes, and such property and the System, are exempt from all taxes and special assessments of the Virgin Islands or of any taxing authority or other agency.