As used in this part:

1. (1)

   1. (A) “Act No. 9 bonds” means revenue bonds issued in accordance with the provisions of the Municipalities and Counties Industrial Development Revenue Bond Law, Arkansas Code § 14-164-201 et seq., to benefit private companies.
   2. (B) A vote of the local governing body is required to issue these bonds;
2. (2) “ADFA” means the Arkansas Development Finance Authority;
3. (3) “ADFA bonds” means revenue bonds issued by the Arkansas Development Finance Authority in accordance with the Arkansas Development Finance Authority Act, Arkansas Code § 15-5-101 et seq., § 15-5-201 et seq., and § 15-5-301 et seq.;
4. (4) “Department” means the Arkansas Economic Development Commission;
5. (5) “Direct loans” means loans as defined by Arkansas Code § 15-5-103(17) and including bond anticipation loans;
6. (6) “Director” means the Director of the Arkansas Economic Development Commission;

7. (7)

   1. (A) “Lessee” means a person, business, or firm who acquires the right to possession and use of goods under a lease.
   2. (B) Unless the context clearly indicates otherwise, the term includes a sublessee; and

8. (8) “Local governing body” means the:

   1. (A) Quorum court of a county; or
   2. (B) Council, board of directors, or other elected governing body of a municipality.