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(1) "Controlling interest" means that one or more governmental entities collectively represent a majority of the board's voting power as outlined in the nonprofit corporation's governing documents.
(2)
(a) "Governing board" means the body that governs a governmental nonprofit corporation.
(b) "Governing board" includes a board of directors.
(3) "Governmental entity" means the state, a county, a municipality, a local district, a special service district, a school district, a state institution of higher education, or any other political subdivision or administrative unit of the state.
(4)
(a) "Governmental nonprofit corporation" means:
(i) a nonprofit corporation that is wholly owned or wholly controlled by one or more governmental entities, unless the nonprofit corporation receives no operating funding or other financial support from any governmental entity; or
(ii) a nonprofit corporation in which one or more governmental entities exercise a controlling interest and:
(A) that exercises taxing authority;
(B) that imposes a mandatory fee for association or participation with the nonprofit corporation where that association or participation is mandated by law; or
(C) that receives a majority of the nonprofit corporation's operating funding from one or more governmental entities under the nonprofit corporation's governing documents, except where voluntary membership fees, dues, or assessments compose the operating funding.
(b) "Governmental nonprofit corporation" does not include a water company, as that term is defined in Section 16-4-102, unless the water company is wholly owned by one or more governmental entities.
(5) "Municipality" means a city, town, or metro township.