(1) "Authority" means a municipal electric consolidated authority created pursuant to this subchapter;

(2) "Electric project" means any:

(A) Plant, works, system, or facilities and real and personal property of any nature associated therewith, together with all parts thereof and appurtenances thereto, that are used or useful in the generation, transmission, coordination, purchase, sale, exchange, or interchange of electric capacity and energy, and provision of ancillary services, including facilities and property for the acquisition, extraction, conversion, transportation, storage, reprocessing, or disposal of fuel and other materials of any kind for such purposes or that may be necessary or advisable for the proper and efficient operation of the authority's facilities;

(B) Interest in or right to the use, services, or electric capacity and energy of any such plant, works, system, or facilities;

(C) Study to determine the feasibility or costs of any of the foregoing, including, but not limited to, engineering, legal, financial, and other services necessary to determine the legality and financial and engineering feasibility of any electric project; and

(D) Contract or agreement associated with generation, transmission, coordination, purchase, sale, exchange, or interchange of electric capacity and energy or ancillary services;

(3) "Electric transmission system" and "electric transmission facility" mean electric utility properties and facilities necessary for transmitting electricity at sixty-nine kilovolts (69 kV) phase-to-phase or higher and not for service to a directly tapped, retail, end-use customer or customers;

(4) "Governing body of a municipal electric utility" means the city council, board of directors, improvement district commissioners, or other elected or appointed authority having the rate-making and debt-issuance authority for the municipal electric utility;

(5) "Municipality" means any city of the first class or city of the second class incorporated under the laws of the State of Arkansas or any commission or agency thereof, including any municipally owned or municipally controlled corporation, any improvement district, consolidated public or municipal utility system improvement district, or nonprofit corporation lessee of such an entity;

(6) "Municipal electric utility" means any electric generation, transmission, or distribution system owned or operated on July 16, 2003, by any city of the first class, city of the second class, or a town incorporated under the laws of the State of Arkansas or any commission, department, division, or agency thereof, including any municipally owned or municipally controlled corporation, improvement district, consolidated public or municipal utility system improvement district, or nonprofit corporation lessee of such an entity;

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

(8) "Public utility" means any person or entity engaged in the generation or sale of electric power and energy that is subject to regulation by the Arkansas Public Service Commission.