As used in this chapter:
(1) “Bonds” means bonds and any series of bonds authorized by and issued pursuant to the provisions of this chapter;
(2) “Clerk” means city clerk, city recorder, town recorder, or other similar office hereafter created or established;
(3) “Costs” or “project costs” means, but shall not be limited to:
(A) All costs of acquisition, construction, reconstruction, improvement, enlargement, betterment, or extension of any project, including the costs of studies, plans, specifications, surveys, and estimates of costs and revenues relating thereto;
(B) All costs of land, land rights, rights-of-way and easements, water rights, fees, permits, approvals, licenses, certificates, and franchises, and the preparation of applications for and securing the same;
(C) Administrative, organizational, legal, engineering, and inspection expenses;
(D) Financing fees, expenses, and costs;
(E) Working capital;
(F) Initial and reload fuel costs;
(G) All machinery and equipment, including construction equipment;
(H) All costs related to upgrades on a transmission system owned by a person or an entity that are required for the delivery of power and energy from the project to the municipality;
(I) Interest on the bonds during the period of construction and for such reasonable period thereafter as may be determined by the issuing municipality;
(J) Establishment of reserves; and
(K) All other expenditures of the issuing municipality incidental, necessary, or convenient to the acquisition, construction, reconstruction, improvement, enlargement, betterment, or extension of any project and the placing of the project in operation;
(4) “Electric system” means any system for the generation, transmission, or distribution of electric power or energy;
(5) “Energy service provider” means a qualifying facility, a power broker, a power marketer, any entity other than an electric utility or a municipal electric utility, or an aggregator other than a municipality or county or group of municipalities or counties that sells or otherwise provides electricity to or for itself or a retail electric customer, regardless of whether the entity sells other electric services and regardless of whether the entity takes title to the electricity;
(6) “Governing body” means the council, board of directors, commission, or other governing body of a municipality;
(7) “Interest” or “interest in a project” means any ownership interest in a project, including, without limitation, an undivided interest as a tenant in common, an undivided leasehold interest, or an interest consisting of rights to receive an agreed-upon portion of the power and energy output of a project;
(8) “Major utility facility” means any electric generating plant and related necessary and appurtenant land rights, substation, fuel, fuel handling, processing and storage equipment, water supply facilities, and similar necessary equipment and property, whether real, personal, or mixed;
(9) “Municipality” means any city of the first class or city of the second class incorporated under the laws of this state, or any commission or agency thereof, including any municipally owned or controlled corporation or any improvement district, consolidated public or municipal utility system improvement district, or nonprofit corporation lessee of such entity which owns or operates an electric system, and any authority created under the Arkansas Municipal Electric Utility Interlocal Cooperation Act of 2003, § 25-20-401 et seq.;
(10) “Person” means any natural person, firm, corporation, electric cooperative corporation, energy service provider, nonprofit corporation, association, or improvement district;
(11) “Power requirements of the municipality” means the maximum hourly electric consumption by the municipality's retail customers;
(12) “Project” means any major utility facility owned, in whole or in part, by one (1) or more public utilities, persons, or municipalities, whether the major utility facility is located entirely or partly within, or wholly without, the state;
(13) “Public utility” means any person or entity engaged in the generation and sale of electric power and energy which was subject to regulation by the Arkansas Public Service Commission as to such generation and sale prior to the enactment of § 23-19-101 et seq. [repealed]; and
(14) “State” means the State of Arkansas.