(1) "Corporation" means a corporation organized pursuant to the provisions of this chapter;

(2) "Board" means the board of directors of the corporation;

(3) "State" means the State of Arkansas;

(4) "Municipality" means that incorporated town, city of the second class, or city of the first class in the state which authorized the organization of the corporation;

(5) "County" means that county in which the certificate of incorporation of the corporation shall be filed for record;

(6) "United States" means the United States of America or any of its agencies or instrumentalities;

(7) "Governing body" means the council, board of directors, or other like body in which the legislative functions of the municipality are vested by law;

(8) "Lessee" means the municipality, the county, or other public body leasing a project from the corporation. "Other public body" as used in this subdivision shall mean any department, agency, subdivision, or instrumentality of the State of Arkansas or the United States, or of any city, county, or school district, a vocational-technical school, or a community junior college district;

(9) (A) "Project" means equipment to be utilized within or near or one (1) or more buildings located or to be located within or near the municipality and designed for use or occupancy by a lessee, as defined in this section, for any one (1) of the following public purposes:

(i) Convention centers;

(ii) Airport facilities;

(iii) Transportation facilities;

(iv) Off-street parking facilities;

(v) Schools of any and all kinds supported by public funds including, but not limited to, day care, kindergarten, elementary, junior high, senior high, junior college, college, community college, graduate college, vocational-technical schools, and school administration facilities;

(vi) City halls including administrative offices, police, courts, and jail facilities;

(vii)

(a) Fire stations and substations, and sewage, garbage, and solid waste disposal facilities; and

(b) A system for the management of a project described in subdivision (9)(A)(vii)(a) of this section;

(viii) Courthouses and related administrative facilities including, but not limited to, courts and jail facilities;

(ix) Recreational facilities and community centers including, but not limited to, handicrafts, public gymnasiums and related facilities, swimming pools, meeting rooms, and dining facilities;

(x) Office space for state and federal agencies;

(xi) Both school and public stadiums;

(xii) Offices and administrative facilities including garages and necessary parking facilities for agencies of cities, counties, or other public bodies;

(xiii) Libraries and branch libraries;

(xiv) Hospitals and other medical facilities, and nursing homes and similar facilities;

(xv) Garages including parking garages and storage buildings;

(xvi) Any combination of the above or any type of facilities customarily constructed by the public for public use and benefit.

(B) The above projects may include any lands or interest therein, deemed by the board to be desirable in connection therewith, and necessary equipment for the proper functioning and operation of the buildings or facilities involved;

(10) "Indenture" means a mortgage, an indenture of mortgage, deed of trust, trust agreement, or trust indenture executed by the corporation as security for any bonds.