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

(2) "Basic local exchange service" means the service provided to the premises of residential or business customers composed of the following:

(A) Voice grade access to the public switched network, with ability to replace and receive calls;

(B) Touch tone service availability;

(C) Flat rate residential local service and business local service;

(D) Access to emergency services (911/E911) where provided by local authorities;

(E) Access to basic operator services;

(F) A standard white page directory listing;

(G) Access to basic local directory assistance;

(H) Access to long distance toll service providers; and

(I) The minimum service quality as established and required by the Arkansas Public Service Commission on February 4, 1997;

(3) "Construct" means to acquire or build, in whole or in part, in the manner and by the method, including contracting therefor, and if the latter, by negotiation or bids upon the terms and pursuant to the 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 subchapter;

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

(5) "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;

(6) "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;

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

(8) "Intermodal" means one (1) or more modes of interconnected movement of freight, commerce, or passengers;

(9) "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;

(10) "Mode" means railway, highway, air, pipeline, waterway, transit, and communication systems and related means of movement of freight, commerce, or passengers;

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

(12) "Person" means any natural person, partnership, corporation, association, organization, business trust, and public or private person or entity;

(13) "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 advertising 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

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