In this article, unless the context otherwise requires:
1. "Acquire" includes to purchase, lease, lease-purchase, erect, build, construct, reconstruct, raze, remodel, repair, replace, alter, extend, expand, better, equip, furnish, develop, improve and embellish a project, and the acquisition, preparation and development of a site or sites therefor.
2. "Board" means the Arizona board of regents or its successor.
3. "Bonds" means any bonds issued pursuant to this article.
4. "Component unit" means an entity for which the nature and significance of its relationship with the board or institution is such that exclusion would cause the board's or institution's financial statements to be misleading or incomplete.
5. "Federal agency" means the United States of America, the president of the United States of America, the department of housing and urban development or such other agency or agencies of the United States of America as may be designated or created to make loans or grants, or both.
6. "Indirect or third party financing":
(a) Means an agreement between the board or an institution and a component unit of an institution, a nonprofit organization or a private developer in which the component unit, organization or developer pays for, issues bonds for or enters into lease or lease-purchase agreements for:
(i) Capital projects on the property of an institution.
(ii) Capital projects intended to house any institution activities.
(iii) Capital projects in which the board or institution guarantees revenues to the component unit, organization or developer or debt service payments on behalf of the component unit, organization or developer.
(iv) Capital projects, which may eventually become state assets.
(b) Does not include a project that is intended to be commercial in nature and if the majority of the project's business is anticipated to come from the nonuniversity population.
7. "Institution" means the university of Arizona, Arizona state university and northern Arizona university or any other college or university under the jurisdiction and control of the board or its successor.
8. "Project" means and includes buildings, structures, areas and facilities which, as determined by the board, are required by or necessary for the use or benefit of each of such institutions, including, without limiting the generality of the foregoing, student, faculty or staff housing facilities, residence halls, dormitories and apartments; student union and recreational buildings and stadiums; other facilities for student, faculty or staff services; any facility or building leased to the United States of America; parking garages and areas; offices, classrooms, laboratories, dining halls and food service facilities, libraries, auditoriums, or parts thereof, or additions or extensions thereto; heating, lighting and other utility service facilities in connection therewith, or parts thereof, or additions or extensions thereto; whether heretofore acquired and now or hereafter used for any or all of the purposes aforesaid, or as may be hereafter acquired under this article, with all equipment and appurtenant facilities; or any one, or more than one, or all of the foregoing, or any combination thereof, for any institution, including sites therefor.
9. "System of building facilities" means such project or projects as the board by resolution shall collectively designate to be included in a system of building facilities at each institution, either:
(a) Hereafter acquired for each of such institutions under the terms of this article.
(b) Heretofore acquired for each of such institutions prior to May 17, 1974 under the terms of any other law and now located on the campus of each of such institutions, whether unencumbered by or encumbered by a pledge of and lien on the income and revenues derived from the operation thereof for the payment of any bonds theretofore issued by the board for the acquisition thereof.
(c) As provided in both subdivisions (a) and (b) of this paragraph.
(d) Any combination of as provided in subdivisions (a), (b) and (c) of this paragraph.