(a) “Bonds” shall mean electric revenue bonds, notes and other evidences of indebtedness of a joint agency or municipality issued under the provisions of this article and shall include refunding bonds.

(b) “Cost” or “cost of a project” shall mean, but shall not be limited to, all costs of acquisition, construction, reconstruction, improvement, enlargement, betterment or extension of any project, including the cost of studies, plans, specifications, surveys and estimates of costs and revenues relating thereto; all costs of land, land rights, rights-of-way and easements, water rights, fees, permits, approvals, licenses, certificates, franchises, and the preparation of applications for and securing the same; administrative, organizational, legal, engineering and inspection expenses; financing fees, expenses and costs; working capital; initial and reload fuel costs; all machinery and equipment including construction equipment; interest on the bonds during the period of construction and for such reasonable period thereafter as may be determined by the issuing municipality or joint agency; establishment of reserves; and all other expenditures of the issuing municipality or joint agency incidental, necessary or convenient to the acquisition, construction, reconstruction, improvement, enlargement, betterment or extension of any project and the placing of the same in operation.

(c) “Governing authorities” shall mean the legislative body, council, board of commissioners, board of aldermen, or other body charged by law with governing the municipality.

(d) “Governing board” shall mean the legislative body, council, board of trustees, board of commissioners or other body charged by law with governing the municipality or joint agency.

(e) “Utility commission” shall mean the legislative body, board of commissioners, utility commission or body charged by law with the control, management and operation of an electric generation, transmission or distribution system, including the board of commissioners of a joint agency organized pursuant to this article.

(f) “Joint agency” shall mean a public body and body corporate and politic organized in accordance with the provisions of this article.

(g) “Municipality” shall mean a city, town or other unit of municipal government created under the laws of the state, or any board, agency or commission thereof, including a joint agency organized pursuant to this article, owning a system or facilities for the generation, transmission or distribution of electric power and energy for public and private uses.

(h) “Project” shall mean any system, facilities, land, works, real property, and/or personal property of every kind or nature now or hereafter existing, or under construction for the generation, transmission and transformation, or any of them, of electric power and energy by any means whatsoever including, but not limited to, any one or more electric generating units, transmission or transformation facilities, or any facility or any facilities for the development, production, manufacture, procurement, handling, storage, fabrication, enrichment, processing or reprocessing of fuel of any kind or any facility or rights with respect to the supply of water which may be used or useful in the acquisition, development or supply of electric power and energy, or any interest in the foregoing, whether an undivided interest as a tenant in common or otherwise.

(i) “State” shall mean the State of Mississippi.