As used in this chapter, unless the context otherwise requires:
(1) “Construct” means to acquire or build, in whole or in part, in such manner and by such method, including contracting therefor, and, if the latter, by negotiation or bidding upon such terms and pursuant to such advertising as the municipality or county shall determine to be in the public interest and necessary under the circumstances existing at the time, to accomplish the purposes of and authorities set forth in this chapter;
(2) “County” means any county of this state, regardless of whether such county owns any facilities for the transmission or distribution of electrical energy;
(3) “Equip” means to install or place on or in any building or structure equipment of any and every kind, whether or not affixed including, without limiting the generality of the foregoing, building service equipment, machinery, furniture, furnishings, and personal property of every kind;
(4) “Facilities” means any real property, personal property, or mixed property of any and every kind that can be used or that will be useful as a part of or in connection with a hydroelectric power project, including, without limiting the generality of the foregoing, rights-of-way, roads, streets, pipes, pipelines, reservoirs, utilities, materials, equipment, fixtures, machinery, furniture, furnishings, instrumentalities, and other real, personal, or mixed property of every kind;
(5) “Governing body” means the council, board of directors, or city commission of any municipality;
(6) “Hydroelectric power project” or “project” means any facilities intended to be employed in the generation of electrical energy by the use of water as the source of generating power, whether standing, running, or falling, and facilities incidental or related thereto;
(7) “Lease” means to lease for such rentals, for such periods and upon such terms and conditions as the municipality or county shall determine including, without limiting the generality of the foregoing, the granting of such renewal or extension options for such rentals, for such periods and upon such terms and conditions as the municipality or county shall determine and the granting of such purchase options for such prices and upon such terms and conditions as the municipality or county shall determine;
(8) “Loan” or “make loans” means to loan upon such terms and conditions as the municipality or county shall determine;
(9) “Mortgage lien” includes and means security interest in any personal property embodied in the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this chapter;
(10) “Municipality” means a city of the first or second class or an incorporated town, regardless of whether such municipality owns any facilities for the transmission or distribution of electrical energy;
(11) “Sell” means to sell for such price, in such manner and upon such terms as the municipality or county shall determine including, without limiting the generality of the foregoing, private or public sale, and, if public, pursuant to such advertisement as the municipality or county shall determine, sale for cash or credit payable in lump sum or in installments over such period as the municipality or county shall determine and, if on credit, with or without interest and at such rate or rates as the municipality or county shall determine; and
(12) “State” means the State of Arkansas.