Arkansas § 14-167-203 - Definitions.

§ 14-167-203. Definitions.

As used in this subchapter, unless the context otherwise requires: “Facilities” or “energy facilities” means any real property, personal property, or mixed property of any and every kind which, in residential, commercial, industrial, or agricultural applications: Reduces the amount of energy required to perform desired tasks; or Utilizes renewable energy resources to supply energy needs; “Renewable energy resources” means any technology or source of energy which: Does not depend on the use of depletable fuels such as oil, natural gas, and coal or of nuclear fuels; and Makes use of nondepletable supplies of energy, including, without limitation, solar, wind, bioconversion, falling or flowing water, geothermal deposits, or municipal, commercial, industrial, agricultural, or individual waste products; “Acquire” means to obtain at any time, by gift, purchase, or other arrangement, any energy facilities, including, without limitation, those theretofore existing, those theretofore constructed and equipped, those theretofore partially constructed and equipped, and those being constructed and equipped at the time of acquisition, for such consideration and pursuant to such terms and conditions as the governing body of the municipality or the county shall determine; “Construct” means to acquire or build extensions, in whole or in part, in such manner and by such method, including contracting therefor, and if the latter, by negotiation or bidding upon such terms and pursuant to such advertising, as the municipality or county 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; “Equip” means to install or place in or on any building or structure equipment of any and every kind, whether or not affixed; “Governing body” means the council, board of directors, or other like body in which the legislative functions of a municipality are vested, or the quorum court of the county; “Lease” means to lease for such rentals, for such periods, and upon such terms and conditions as the municipality or county shall determine and the granting of such extension and purchase options for such prices and upon such terms and conditions as the municipality or county shall determine; “Municipality” means a city of the first or second class or an incorporated town; “Sell” means to sell for such price, in such manner, and upon such terms as the municipality shall determine, including, without limitation, public or private sale and, if public, pursuant to such advertisement as the municipality or county shall determine, sell for cash or credit payable in lump sum or in installments over such period as the municipality or county shall determine; “Loan” means to loan for such periods, at such rates of interest, as fixed by the ordinance authorizing their issuance, in such manner, and upon such terms and conditions as the municipality or county shall determine, including, without limitation, a secured or unsecured loan.