The following words and phrases, whenever used in this chapter, shall have the following respective meanings unless the context clearly indicates otherwise:
(1) AUTHORITY. The corporation organized pursuant to the provisions of this chapter as a public corporation, agency and instrumentality of the state and known as the "Alabama Water System Assistance Authority."
(2) AUTHORIZING RESOLUTION. A resolution or order adopted by the board of directors of the authority authorizing the issuance of bonds by the authority pursuant to this chapter.
(3) BOARD OF DIRECTORS. The board of directors of the Alabama Water System Assistance Authority.
(4) BONDS. The "Water System Assistance Bonds," notes or obligations or other evidences of indebtedness issued by the authority under the provisions of this chapter.
(5) BOND PROCEEDS. The direct proceeds of sale of bonds or notes, and the income derived from the investment of such proceeds.
(6) COMMUNITY WATER SYSTEM. A public water system as defined in Section 22-23-31(12).
(7) DEPARTMENT. The Department of Economic and Community Affairs or any successor.
(8) PROJECT(S). Research and development, site purchase and preparation, initial construction, expansion or renovation of water supply facilities.
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