The following terms whenever used or referred to in this chapter shall have the following respective meaning unless a different meaning clearly appears from the context:

1. (a) "Area generally served by the same electric supplier" shall mean that area located in any county or counties of this State and assigned to an electric supplier by the Public Service Commission pursuant to the provisions of Section 58-27-640 and to the Public Service Authority by Article 3 of Title 58.
2. (b) "Bonds" shall mean electric revenue bonds, notes, certificates or other obligations of indebtedness of a joint agency issued under the provisions of this chapter and shall include refunding bonds.
3. (c) "Cost" or "cost of a project" shall mean, but shall not be limited to, the cost of acquisition, construction, reconstruction, improvement, enlargement or extension of any project, including the cost of studies, plans, specifications, surveys, and estimates of costs and revenues relating thereto; the cost of land, land rights, rights-of-way and easements, water rights, fees, permits, approvals, licenses, certificates, franchises, and the preparation of applications for and securing the same; administrative, legal, engineering and inspection expenses; financing fees, expenses and costs; working capital; initial fuel costs; interest on the bonds during the period of construction and for such reasonable period thereafter as may be determined by the joint agency; establishment of reserves; and all other expenditure of the joint agency incidental, necessary or convenient to the acquisition, construction, reconstruction, improvement, enlargement or extension of any project and the placing of the same in operation.
4. (d) "Governing body" shall mean, with respect to a municipality, the board, council, commission or other legislative body charged by law with governing the municipality.
5. (e) "electric supplier" means any electric utility regulated by the Public Service Commission, electric cooperative, or municipal electric system authorized to do business within the State or the Public Service Authority.
6. (f) "Joint agency" shall mean a public body and body corporate and politic organized in accordance with the provisions of this chapter.
7. (g) "Municipality" shall mean a city or town created under the laws of the State, or any agency, board, commission or council thereof, that has owned for at least ten years a system or facilities for the generation, transmission or distribution of electric power and energy for public and private uses.
8. (h) "Project" means any system or facilities for the generation, transmission and transformation, not distribution, of electric power and energy by any means whatsoever including, but not limited to, any one or more electric generating units situated at a particular site or any interest in any of the foregoing or any right to the output, capacity, use or services thereof.
9. (i) "State" shall mean the State of South Carolina.