(1) "Capital outlay expense" means those funds devoted to or required for the:

(A) Acquisition and improvement of land;

(B) Acquisition, construction, remodeling, alteration, addition, or enlargement of buildings or other structures; and

(C) Initial purchase of furniture, apparatuses, and other equipment;

(2) "Community college" means an educational institution established or to be established by one (1) or more counties or cities of this state offering a comprehensive program designed to serve the postsecondary educational needs of its district and the state including specifically, but without limitation, occupational programs of varying types and levels of difficulty, the first two (2) years of a baccalaureate degree, community service offerings, and student guidance and counseling services;

(3) "District" means the geographic area included within one (1) or more contiguous or noncontiguous counties or cities, or any described combination thereof, or any described contiguous area which may be in one (1) or more counties or parts of counties, participating in or intending to participate in the establishment and maintenance of a community college;

(4)

(A) "Local board" means the governing body of a community college established pursuant to the provisions of this section, §§ 6-61-101 -- 6-61-103, 6-61-201 -- 6-61-209, 6-61-211 [repealed], 6-61-212 -- 6-61-216, 6-61-301 -- 6-61-305, 6-61-306 [repealed], 6-61-401, 6-61-402, 6-61-502 -- 6-61-524, 6-61-601 -- 6-61-603 and 6-61-604 -- 6-61-612 [repealed].

(B) A local board for a community college may be the board of trustees of a four-year institution of higher education or the board of trustees of a university system in the case of a merger under § 6-61-520(e);

(5) "Operating expense" means those funds devoted to or required for the regular or ordinary expense of the college, including administrative, maintenance, and salary expenses, but excluding capital outlay expenses, student activity expenses, and expenses for intercollegiate athletics; and

(6) "State Community College Board" means the Arkansas Higher Education Coordinating Board.