§ 14-186-302 - Definitions. - Arkansas Statutes

14-186-302. Definitions.

As used in this subchapter, unless the context otherwise requires:

(1) "Municipality" means a city of the first class, a city of the second class, or an incorporated town;

(2) "Governing body" means the council, board of directors, or city commission of any municipality;

(3) "Equip" means to install or place on, or in, any building or structure equipment of any and every kind, whether or not affixed, including, without limiting the generality of the foregoing, building service equipment, fixtures, heating equipment, air conditioning equipment, machinery, furniture, furnishings, and personal property of every kind;

(4) "Sell" means to sell for such price, in such manner and upon such terms as the municipality shall determine, including, without limiting the generality of the foregoing, private or public sale and, if public, pursuant to such advertisement as the municipality shall determine, sale for cash or credit payable in lump sum or in installments over such period as the municipality shall determine and, if on credit, with or without interest, and at such rate or rates as the municipality shall determine;

(5) "Lease" means to lease for such rentals, for such periods, and upon such terms and conditions as the municipality shall determine, including, without limiting the generality of the foregoing, the granting of renewal or extension options for the rentals, for such periods, and upon such terms and conditions, as the municipality shall determine and the granting of purchase options for such prices and upon such terms and conditions as the municipality shall determine;

(6) "Construct" means to acquire or build, in whole or in part, in such manner and by such method, including contracting therefor, and if the latter, by negotiation or bids upon such terms and pursuant to such advertising, as the municipality shall determine to be in the public interest and necessary under the circumstances existing at the time to accomplish the purposes of and authorities set forth in this subchapter;

(7) "Port authority facilities" means any real property, personal property, or mixed property of any and every kind that can be used or that will be useful to accomplish the purposes of and authorities set forth in this subchapter, including, without limiting the generality of the foregoing, wharves, docks, piers, quays, barges, shipyards, elevators, compresses, storage plants, rights-of-way, roads, streets, railroads, pipes, pipelines, reservoirs, utilities, materials, equipment, fixtures, machinery, furnishings, furniture, instrumentalities, and other real, personal, or mixed property of every kind.