(1) "Bonds" means bonds and any series of bonds authorized by and issued pursuant to the provisions of this chapter;

(2) "Clerk" means city clerk, city recorder, town recorder, or other similar office hereafter created or established;

(3) "Costs" means, but shall not be limited to:

(A) All costs of acquisition, construction, reconstruction, improvement, enlargement, betterment, or extension of any electric system, including the costs of studies, plans, specifications, surveys, and estimates of costs and revenues relating thereto;

(B) 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 them;

(C) Administrative, organizational, legal, engineering, and inspection expenses;

(D) Financing fees, expenses, and costs;

(E) Working capital;

(F) Initial and reload fuel costs;

(G) Contracts for the purchase of electric power and energy from others;

(H) All machinery and equipment including construction equipment;

(I) Interest on the bonds during the period of construction and for such reasonable period thereafter as may be determined by the issuing municipality;

(J) Establishment of reserves; and

(K) All other expenditures of the issuing municipality incidental, necessary, or convenient to the acquisition, construction, reconstruction, improvement, enlargement, betterment, or extension of any electric system;

(4) "Electric system" means any system for the generation, transmission, or distribution of electric power or energy;

(5) "Governing body" means the council, board of directors, commission, or other governing body of a municipality;

(6) "Municipality" means any city of the first class which owns an electric system whether operated by it or by a person under a franchise, lease, or other agreement or arrangement between the municipality and such person;

(7) "Person" means any natural person, firm, corporation, electric cooperative corporation, nonprofit corporation, association, or improvement district; and

(8) "State" means the State of Arkansas.