As used in this chapter, unless the context otherwise requires:
(1) “Authority” means the public corporation created pursuant to § 14-334-103;
(2) “Capital costs” means the fixed expenses associated with initiating transit operations including, but not limited to, the purchase of land, vehicles, facilities, and equipment;
(3) “Chairman” or “chairman of the board” or “chairman of the board of the authority” means the presiding officer of the authority, as selected pursuant to § 14-334-107;
(4) “Public transit system” means a transit system owned and operated by any municipality, county, regional authority, state, or other governmental agency including school districts, and any transit system created or licensed by a government agency or managed by a private management firm under contract to the government agency owner. Excluded from the jurisdiction of any public transit system created by this chapter is any intercity bus transportation system subject to the rules of the Arkansas Department of Transportation and the regulations of the United States Surface Transportation Board;
(5) “Transit system” means the facilities, equipment, personnel, and procedures needed to provide and maintain public transportation services to the public;
(6) “Public transportation” means the transportation of persons within and through the authority; and
(7) “Improvement district” means a district as authorized pursuant to § 14-334-108(8) and for the purpose of upgrading and otherwise improving public transit, and their creation and operation shall, to the extent consistent with this chapter, be in accordance with the procedures established by law for the creation and operation of municipal improvement districts.