(a) “Authority” shall mean the corporation created by this article.

(b) “Board” shall mean the board of directors of the authority.

(c) “Bonds” shall mean and include negotiable bonds, interim certificates or receipts, notes, debentures and all other evidences of indebtedness either issued or the payment thereof assumed by the authority.

(d) “Acquire” shall mean and include construct, acquire by purchase, lease, devise, gift or the exercise of the power of eminent domain, or other mode of acquisition.

(e) “Person” or “inhabitant” shall mean and include natural persons, firms, associations, corporations, business trusts, partnerships and bodies politic.

(f) “Energy” shall mean and include any and all electric energy, no matter how or where generated or produced.

(g) “System” shall mean and include any plant, works, system facilities, or properties, or parts thereof, together with all appurtenances thereto, used or useful in connection with the generation, production, transmission or distribution of energy.

(h) “State” shall mean the State of Mississippi.

(i) “Municipality” shall mean any incorporated city, town or village of the state.

(j) “Federal agency” shall mean and include the United States of America, the President of the United States of America, Tennessee Valley Authority, the Federal Emergency Administrator of Public Works, the Administrator of the Rural Electrification Administration, and any and all other authorities, agencies, and instrumentalities of the United States of America, heretofore or hereafter created.

(k) “Improve” shall mean and include construct, reconstruct, improve, repair, extend, enlarge or alter.

(l) “Service” shall mean and include the sale or other disposition of energy at the lowest cost consistent with sound economy, public advantage and the prudent conduct of the business of the authority.