As used in this subchapter: (1) "Aquatic resources" means ecological functions, services, and values provided by the waters of the United States that are subject to compensatory mitigation pursuant to United States Department of the Army permits under § 404 of the Clean Water Act, 33 U.S.C. § 1344 , and §§ 9 and 10 of the Rivers and Harbors Act, 33 U.S.C. §§ 401 and 403 , or other federal law requiring mitigation; (2) "Bonds" means any bonds, notes, interim certificates, or other evidences of indebtedness; (3) "Debt service" means principal, interest, redemption premiums, if any, and trustee's fees, paying agent's fees, dissemination agent's fees, and like servicing fees relative to a bond; (4) "Develop" means to plan, design, construct, acquire by purchase or by eminent domain, own, operate, rehabilitate, lease as lessor or lessee, enter into lease-purchase agreements with respect to, lend, make grants in respect of, or install or equip any lands, buildings, improvements, machinery, equipment, or other properties of whatever nature, real, personal, or mixed; (5) "Drainage" means the removal or diversion of water from lands through natural or artificial means; (6) "Federal Deposit Insurance Corporation" means the Federal Deposit Insurance Corporation or its successor that insures commercial banks; (7) "Flood control" means: (A) Drainage, levee, and flood prevention improvements for protection from water-induced damages; (B) Adjustments in land use and facilities designed to reduce flood damage from overflow or backwater due to major storms; and (C) Facilities designed to collect, contain, or convey water within natural watercourses or other waterways; (8) "General revenues of the state" means the revenues described and enumerated in § 19-6-201 of the Revenue Classification Law, § 19-6-101 et seq., or in any successor law; (9) "Irrigation" means the production or transportation of water for agricultural uses through artificial or natural conveyances for watering crops or other agricultural products; (10) "Local entity" means any nonprofit corporation or any county, municipality, conservation district, improvement district, drainage district, irrigation district, levee district, regional water distribution district, public facilities board, public water authority, rural development authority, solid waste authority, regional wastewater treatment district, regional solid waste management district, rural water association, or school district in the state or any agency or instrumentality of any of the foregoing, or any agency or instrumentality of the state, including the Arkansas Natural Resources Commission; (11) "Nationally recognized rating agency" means Moody's Investors Service, Inc., Standard & Poor's, Fitch Ratings, or any other nationally recognized rating agency approved by the State Investing Office; (12) "Person" means any local entity or any individual, corporation, trust, limited liability company, or partnership; (13) "Pollution abatement" means the reduction, prevention, recycling, control, or elimination by appropriate methods of contamination or pollution, or other alteration of the physical, chemical, or biological properties, of any land or waters of the state, or of such discharge of any liquid, gaseous, or solid substance as will or is likely to create a nuisance or render any land or waters of the state harmful or detrimental or injurious to public health, safety, or the welfare of individuals, to domestic, commercial, industrial, agricultural, recreational, or other legitimate beneficial uses, or to livestock, wild animals, birds, fish, or other aquatic life; (14) "Prior act" means Acts 1997, No. 607, as now or hereafter amended; (15) "Program" means the Water, Waste Disposal, and Pollution Abatement Facilities Development Program of the commission under which the commission will fund loans or grants to local entities or persons; (16) (A) "Project" or "projects" means any lands, buildings, improvements, machinery, equipment, or other property, real, personal, or mixed, or any combination thereof, and programs using such property, developed in pursuance of the purposes of this subchapter, including without limitation: (i) The production, impoundment, treatment, and transportation of water; (ii) The collection, treatment, and disposition of waste; (iii) Pollution abatement programs; (iv) Drainage or flood control facilities; (v) Irrigation facilities; and (vi) The preservation and development of wetlands and aquatic resources. (B) "Project" or "projects" includes projects for: (i) Agricultural, administrative, research, residential, recreational, commercial, or industrial purposes; (ii) The use and benefit of local entities, the commission, and other persons; and (iii) Facilities and improvements that are necessary, ancillary, or related to a project; (17) "Project costs" means all or any part of the administrative costs of the commission in connection with the program and the costs of developing any project, costs incidental or appropriate thereto, including without limitation all costs to the commission associated with the development or operation of any project in a supervisory capacity, and costs incidental or appropriate to the financing thereof, including without limitation capitalized interest, costs of issuance of and appropriate reserves for the bonds, loan or commitment fees, loan or grant administration fees, and costs for engineering, legal, and other administrative and consultant services; (18) "State Investing Office" means the Treasurer of State for the investment of any funds established on the books of the State Treasury, and the commission for the investment of any funds held outside the State Treasury; (19) "Waste" means a liquid or solid produced as an undesirable by-product of any activity; (20) "Water" means any waters of the state, including surface water and ground water; and (21) "Wetlands" means land that: (A) Has a predominance of hydric soils; (B) Is inundated or saturated by surface water or ground water at a frequency and duration sufficient to support a prevalence of hydrophytic vegetation typically adapted for life in saturated soil conditions; and (C) Under normal circumstances supports a prevalence of the hydrophytic vegetation typically adapted for life in saturated soil conditions.