(1) "Authority" means any authority created under the provisions of this chapter;

(2) "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 bids upon such terms and pursuant to such advertising, as the authority 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;

(3) "County" means any county in this state;

(4) "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, fixtures, heating equipment, air conditioning equipment, machinery, furniture, furnishings, and personal property of every kind;

(5) "Facilities" or "property" or "properties" means any real property, personal property, or mixed property of any and every kind that can be used, or that will be useful, to accomplish the purposes of, and powers set forth in, this chapter including, without limiting the generality of the foregoing, rights-of-way, roads, streets, utilities, materials, equipment, fixtures, machinery, furnishings, furniture, instrumentalities, and other real, personal, or mixed property of every kind;

(6) "Governing body" means the council, board of directors, or city commission of any municipality or the county court of any county;

(7) "Lease" means to lease for such rentals, for such period or periods, and upon such terms and conditions as the authority 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 authority shall determine and the granting of such purchase options for such prices and upon such terms and conditions as the authority shall determine;

(8) "Major airport facility" means a public airport with an active runway at least seven thousand feet (7,000') long;

(9) "Municipality" or "municipal corporation" means a city of the first class, a city of the second class, or an incorporated town;

(10) "Sell" means to sell for such price, in such manner, and upon such terms as the authority shall determine including, without limiting the generality of the foregoing, private or public sale; and if public, pursuant to such advertisement as the authority shall determine, sale for cash or credit payable in lump sum, or in installments over such period as the authority shall determine; and if on credit, with or without interest and at such rate or rates as the authority shall determine; and

(11) "State" means the State of Arkansas.