(a) All motor vehicles owned and operated by publicly financed vocational-technical schools, technical colleges, and community colleges in the state and used exclusively for training purposes shall be exempt from:
(1) State, county, and municipal taxes; and
(2) All vehicle registration fees.
(b)
(1) Each publicly supported vocational-technical school, technical college, and community college in the state now owning or hereafter acquiring one (1) or more motor vehicles used exclusively for training purposes shall register vehicles in the same manner as is provided by law for other motor vehicles, but no charge shall be made for the registration of the vehicles.
(2) All vocational-technical school, technical college, and community college buses registered under the provisions of this section shall be properly identified as vocational-technical school, technical college, and community college vehicles.