Arkansas § 14-186-201 - Definitions.

§ 14-186-201. Definitions.

As used in this subchapter, unless the context otherwise requires: “Governing body” means the council, board of directors, or other like body in which the legislative functions of a city or incorporated town are vested; “Facilities” means real property, personal property, or mixed property of any and every kind including, without limitation, rights-of-way, utilities, materials, equipment, fixtures, machinery, furniture, furnishings, buildings, and other improvements of every kind; “Acquire” means to obtain, at any time, by gift, purchase, or other arrangement, any project, or any portion of a project, whether theretofore constructed and equipped, theretofore partially constructed and equipped, or being constructed and equipped at the time of acquisition, for such consideration and pursuant to such terms and conditions as the municipal port authority shall determine; “Construct” means to acquire or build, 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 determined by the municipal port authority, under the circumstances existing at the time, will most effectively serve the purposes of 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, including, without limitation, building service equipment, fixtures, heating equipment, air conditioning equipment, machinery, furniture, furnishings, and personal property of every kind; “Lease” means to lease for such rentals, for such periods, and upon such terms and conditions as the municipal port authority shall determine. It also shall mean the granting of such extension and purchase options for such prices and upon such terms and conditions as the authority shall determine. With regard to warehouse facilities used for commercial warehousing purposes, the municipal port authority, prior to entering into a new lease of existing warehouse facilities or into a lease of new warehouse facilities, in whole or in part, or prior to operating warehouse facilities for these purposes, in whole or in part, shall first publicly solicit proposals for the leasing or operation of the warehouse facilities for these purposes on such terms as shall be customary and usual in the commercial warehousing industry, and the authority shall accept such proposal as is commercially reasonable and in the authority's best interest; “Sell” means to sell for such price, in such manner, and upon such terms as the municipal port authority shall determine including, without limitation, public or private sale and, if public, pursuant to such advertisement as the authority shall determine, and to sell for cash or on credit, payable in lump sum or in such installments as the authority shall determine, and if on credit, with or without interest and at such rate or rates as the authority may determine; “Person” means any natural person, partnership, corporation, association, organization, business trust, and public or private person or entity; “Port authority” or “authority” means a municipal port authority established pursuant to the provisions of this subchapter.