As used in this subchapter:
(1) “Commission” means the Arkansas Natural Resources Commission;
(2) “Debt service” means principal, interest, redemption premiums, if any, and trustees' and paying agents' and like servicing fees;
(3) “Develop” means to construct, acquire by purchase or, as set forth in this subchapter, by eminent domain, install, or equip any lands, buildings, improvements, machinery, equipment, or other properties of whatever nature, real, personal, or mixed;
(4) “Person” means any individual, partnership, or corporation or any county, municipality, school district of the State of Arkansas, or agency thereof or any agency of the State of Arkansas;
(5) “Project” or “water resources project” means any lands, buildings, improvements, machinery, equipment, or other property, real, personal, or mixed or any combination thereof developed in pursuance of all or any of the purposes of this subchapter, including, without limitation, any reservoir;
(6) “Project costs” means all or any part of the costs of developing any project under this subchapter, costs incidental or appropriate thereto and costs incidental or appropriate to the financing thereof, including, without limitation, capitalized interest, appropriate reserves and fees and costs for engineering, legal, and other administrative and consultant services;
(7) “Reservoir” means any impoundment of water accomplished as a project under this subchapter; and
(8) “Water” means water created by precipitation or other forces of nature, including, without limitation, surface, spring, or other subsurface water which percolates to the surface of the earth, whether carried in a watercourse, carried in a man-made channel, or carried on the surface of the earth and not in any watercourse or channel or held in any reservoir, or other impoundment or standing body of water.