(1) "Board of trustees" means the local board of trustees of a technical or a community college that is a member of the Arkansas Technical and Community College System under the coordination of the Arkansas Higher Education Coordinating Board;

(2) "Bonds" means any evidence of indebtedness issued by a board of trustees pursuant to this subchapter;

(3) "Capital improvements" means the construction, repair, or renovation of buildings, including, without limitation, laboratories, libraries, portable classrooms, special events centers, training facilities, student housing, parking facilities, theaters, meeting halls, dining facilities, and administrative offices; the purchase of existing buildings or structures; the renovation or demolition of existing structures; the purchase of sites for the construction of capital improvements; the purchase of equipment, apparatus, or library materials for any facilities used by the technical college or the community college; any improvement that may be the subject of a capital outlay expense as defined in § 6-53-103(2); or any other improvements that a board of trustees deems reasonable and necessary for the development of the technical college or the community college;

(4) "Community college" means a two-year institution of higher education established pursuant to §§ 6-61-101 -- 6-61-103, 6-61-201 -- 6-61-209, 6-61-211 [repealed], 6-61-212 -- 6-61-216, 6-61-301 -- 6-61-305, 6-61-306 [repealed], 6-61-401, 6-61-402, 6-61-501 -- 6-61-524, 6-61-601 -- 6-61-603, and 6-61-604 -- 6-61-612 [repealed] and the Two-Year Postsecondary Education Reorganization Act of 1991, § 6-53-101 et seq., and a member of the Arkansas Technical and Community College System under the coordination of the Arkansas Higher Education Coordinating Board;

(5) "Costs of issuance" means all costs associated with the issuance of bonds, including, without limitation, printing, publication, and notice expenses; the fees and expenses of trustees and paying agents; and the fees and expenses of financial advisors, underwriters, attorneys, consultants, and other professionals engaged to assist a board of trustees in issuing bonds;

(6) "Debt service" means the payment of principal, interest, redemption premiums, if any, the fees of trustees and paying agents, and servicing fees relating to the bonds;

(7) "Project" means the development, construction, or acquisition of any capital improvement authorized by this subchapter;

(8) "Project costs" means all or any part of the costs of developing any project hereunder, and all or any part of costs incidental thereto, including, without limitation, planning, design, and engineering fees and expenses, payment of capitalized interest, and the funding of appropriate reserves;

(9) "State" means the State of Arkansas;

(10) "State board" means the Arkansas Higher Education Coordinating Board; and

(11) "Technical college" means a two-year institution of higher education established pursuant to the Two-Year Postsecondary Education Reorganization Act of 1991, § 6-53-101 et seq., or § 6-54-101 et seq., and a member of the Arkansas Technical and Community College System under the coordination of the Arkansas Higher Education Coordinating Board.