Arkansas § 14-164-803 - Definitions.

§ 14-164-803. Definitions.

As used in this subchapter: “Bonds” means bonds, notes, certificates, financing leases, or other interest-bearing instruments or evidences of indebtedness that are issued under this subchapter; “Chief executive officer” means the chief executive officer of a municipality or the county judge of a county; “County” means a county in the State of Arkansas; “Energy efficiency project” means: A new facility that is designed to reduce the consumption of energy or natural resources or result in operating cost savings as a result of changes that: Do not degrade the level of service or working conditions; Are measurable and verifiable under the International Performance Measurement and Verification Protocol, promulgated by the Arkansas Pollution Control and Ecology Commission in the rules required under § 19-11-1207; and Are measured and verified by an audit performed by an independent engineer or by a qualified provider, including the vendor providing the energy efficiency project; or An existing facility alteration that is designed to reduce the consumption of energy or natural resources or result in operating cost savings as a result of changes that conform with subdivisions (4)(A)(i) and (ii) of this section; “Guaranteed energy cost savings contract” means a contract for the implementation of one (1) or more energy efficiency projects and services provided by a qualified provider in which the energy and cost savings achieved by the installed energy efficiency project cover all energy efficiency project costs, including financing, over a specified contract term; “Issuer” means a municipality or a county; “Legislative body” means the quorum court of a county or the council, board of directors, board of commissioners, or similar elected governing body of a city or town; “Municipality” means a city or incorporated town in the State of Arkansas; “Operating cost savings” means expenses eliminated and future replacement expenditures avoided as a result of new equipment installed or services performed; “Ordinance” means an ordinance, resolution, or other appropriate legislative enactment of a legislative body; and “Qualified provider” means the same as defined in § 19-11-1202. History Acts 2015, No. 1275, § 1; 2017, No. 271, § 3; 2019, No. 315, § 1008. Amendments. The 2017 amendment substituted “promulgated by the Arkansas Pollution Control and Ecology Commission in the regulations” for “as adopted by the Arkansas Energy Office in the rules” in (4)(A)(ii). The 2019 amendment substituted “rules” for “regulations” in (4)(A)(ii).