§ 159B-3. Definitions.
§ 159B‑3. Definitions.
The following terms whenever used or referred to in this Chapter shallhave the following respective meanings unless a different meaning clearlyappears from the context:
(1) "Bonds" shall mean revenue bonds, notes and otherevidences of indebtedness of a joint agency or municipality issued under theprovisions of this Chapter and shall include refunding bonds.
(2) "Cost" or "cost of a project" shallmean, but shall not be limited to, the cost of acquisition, construction,reconstruction, improvement, enlargement, betterment or extension of anyproject, including the cost of studies, plans, specifications, surveys, andestimates of costs and revenues relating thereto; the cost of land, landrights, rights‑of‑way and easements, water rights, fees, permits,approvals, licenses, certificates, franchises, and the preparation ofapplications for and securing the same; administrative, legal, engineering andinspection expenses; financing fees, expenses and costs; working capital;initial fuel costs; interest on the bonds during the period of construction andfor such reasonable period thereafter as may be determined by the issuingmunicipality or joint agency (provided that a period of three years shall bedeemed to be reasonable for bonds issued to finance a generating unit expectedto be operated to supply base load); establishment of reserves; and all otherexpenditures of the issuing municipality or joint agency incidental, necessaryor convenient to the acquisition, construction, reconstruction, improvement,enlargement, betterment or extension of any project and the placing of the samein operation. The term shall also mean the capital cost of fuel for anyproject.
(2a) "Electric system" shall mean any electric powergeneration, transmission or distribution system.
(3) "Governing board" shall mean the legislative body,council, board of commissioners, board of trustees, or other body charged bylaw with governing the municipality, joint agency, or joint municipalassistance agency, including any executive committee created pursuant to G.S.159B‑10.
(4) "Joint agency" shall mean a public body and bodycorporate and politic organized in accordance with the provisions of Article 2of this Chapter.
(4a) "Joint municipal assistance agency" shall mean apublic body and body corporate and politic organized in accordance with theprovisions of Article 3 of this Chapter.
(5) "Municipality" shall mean a city, town or otherunit of municipal government created under the laws of the State, or any board,agency, or commission thereof, owning a system or facilities for thegeneration, transmission or distribution of electric power and energy forpublic and private uses.
(6) "Project" shall mean any system or facilities forthe generation, transmission and transformation, or any of them, of electricpower and energy by any means whatsoever including, but not limited to, any oneor more electric generating units situated at a particular site, or anyinterest in the foregoing, whether an undivided interest as a tenant in commonor otherwise. Project does not mean an administrative office building or officeor facilities related to the administrative office building or office.
(7) "State" shall mean the State of North Carolina. (1975, c. 186, s. 1; 1977, c. 708, s. 2; 1983, c. 609,ss. 3‑6; 1985, c. 266, s. 1; 1989, c. 329; 1991, c. 513, s. 1; 1995, c.412, s. 2.)