6-62-1103. Definitions.

6-62-1103. Definitions. As used in this subchapter: (1) “Athletic facilities” means facilities used primarily for intercollegiate or intramural sports; (2) “Bonds” means the State of Arkansas Higher Education General Obligation Bonds as authorized in this subchapter; (3) “Debt service” means all amounts required for the payment of principal, interest, and premium, if any, due with respect to the bonds in any fiscal year, along with all associated costs, including the fees and costs of paying agents and trustees, remarketing agent fees, credit enhancement costs, arbitrage rebate costs, administrative costs, and other amounts necessary in connection with the repayment of and security for the bonds; (4) “Develop” or “development” means the construction, repair, renovation, design, expansion, improvement, acquisition, installation, or equipping of any lands, buildings, improvements, machinery, equipment, or other properties of whatever nature, real, personal, or mixed; (5) “Facility improvement projects” means any lands, buildings, improvements, machinery, equipment, or other property, real, personal, or mixed or any combination of property developed in pursuance of all or any of the purposes of this subchapter as promulgated by the rules established by the Arkansas Higher Education Coordinating Board that are not technology projects as defined in this subchapter; (6) “General revenues” means the general revenues defined in § 19-6-201; (7) “Project costs” means all or any part of the costs of developing any projects under this subchapter, costs of refunding bonds issued under this subchapter or under the Arkansas College Savings Bond Act of 1989, § 6-62-701 et seq., costs incidental or appropriate to the projects or bonds, and costs incidental or appropriate to the financing of the projects or bonds, including, without limitation, costs of issuance of the bonds, capitalized interest, liquidity facility fees, appropriate reserves, credit enhancement, bond insurance or surety bond premiums, the administrative fees of the issuer, and fees and costs for engineering, legal, and other professional, administrative, and consultant services; (8) “State institution of higher education” means any public university, college, technical college, or community college established or authorized by the General Assembly; and (9) “Technology projects” means any lands, buildings, improvements, machinery, equipment, or other property, real, personal, tangible or intangible, or mixed, or any combination thereof, developed in pursuance of all or any of the purposes of this subchapter but specifically for the purpose of upgrading or expanding this state's higher education technology equipment and facilities as promulgated by the rules established by the Arkansas Higher Education Coordinating Board.