Texas Government Code - GOV'T § 2306.556. Exempt from Taxation and Registration

(a) The corporation is exempt from all taxation by the state or a political subdivision of the state, including a municipality.

(b) A bond or other obligation issued by the corporation is an exempt security under The Securities Act (Title 12, Government Code), and unless specifically provided otherwise, under any subsequently enacted securities act.  Any contract, guaranty, or other document executed in connection with the issuance of the bond or other obligation is not an exempt security under that Act, and unless specifically provided otherwise, under any subsequently enacted securities act.