For purposes of this subchapter:
(1) “Local government” shall mean:
(A) Any city, county, school district, or community college district of this state;
(B) Any department, instrumentality, or agency of these entities, including local fire and police pension and relief funds; and
(C) Any department, instrumentality, or agency of these entities, including a local government association;
(2) “Local government association” shall mean the Arkansas Municipal League, the Association of Arkansas Counties, the Arkansas School Boards Association, or any similar organization whose membership is composed of local governments or their elected officials;
(3) “Participant” shall mean a local government which is a party to a trust agreement;
(4) “Private agency” shall mean any individual or any form of business organization authorized under the laws of this or any other state; and
(5) “Trust agreement” shall mean the agreement, indenture, or other instrument creating a trust pursuant to this subchapter, together with any supplements thereto.