For purposes of this chapter:

1. (a) "Joint Municipal Water System" means a public body and body corporate and politic organized under other provisions of this chapter.
2. (b) "State" means the State of South Carolina.

3. (c) "Project" means any project undertaken by a joint municipal water system for any one or more of the following purposes:

   1. (1) The impounding, production, treatment, transmission, distribution, sale, and service of water to any of its members, or to municipalities that are not members who are engaged in the serving and sale of water, when such is approved by the governing body of each member;
   2. (2) The collection, transportation, processing, treating, disposing of, and controlling of municipal, domestic, industrial, or communal waste, flood water, or storm water, whether in fluid, solid, or composite state, including specifically the control, abatement, or reduction of all types pollution for any of its members, or for municipalities that are not members that are engaged in waste and wastewater collection, treatment, and disposal, when such is approved by the governing body of each member.
4. (d) "Cost" or "cost of a project" means, but is not 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 to the project; 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 security for them; administrative, legal, professional, engineering, and inspection expenses; financing fees, expenses, and costs; working capital; insurance; interest on the bonds during the period of construction and for a reasonable period after construction as may be determined by the commission of the joint system; establishment of reserves; and all other expenditures of the joint system incidental, necessary, or convenient to the acquisition, construction, reconstruction, improvement, enlargement, or extension of any project and the placing of the project in operation.
5. (e) "Governing body" means with respect to a municipality; the board, commission, council, or governing body charged by law with governing the municipality.
6. (f) "Municipality" includes counties, towns, and cities incorporated under the laws of this State; consolidated political subdivisions of this State; commissioners of public works; and any agency or public body created by the General Assembly of this State or under the laws of this State and engaged in the sale and service of water for industrial and domestic purposes.
7. (g) "Revenue bonds" and "bonds" mean bonds, notes, certificates, or other obligations of a joint system issued pursuant to the provisions of this chapter and include refinancing or refunding same, but which must be paid solely from the revenues and other sources of funds available to a joint system. The term "revenues" includes all sources of funds which are revenues to the joint system, regardless of the source of the funds, from any other party obligated to the joint system.
8. (h) "Member of a joint system" means those municipalities whose governing bodies have agreed (1) to create a joint municipal water system to undertake the impounding, acquisition, treatment, production, transmission, distribution, service, and sale of water to a municipality which is a member of the system and other municipalities, and persons which are not members when approved by the governing body of each member or (2) to create a joint municipal water system for the purpose of creating a financing pool. A joint municipal water system created for the purpose of creating a financing pool may have as nonvoting members nonprofit corporations created pursuant to Chapter 36 of Title 33; however, a nonprofit corporation which has become a public service district pursuant to Article 8 of Chapter 36 of Title 33 is a voting member.
9. (i) "Construction note" or "notes" means notes of a joint system issued to provide funds for the creation of a financing pool and costs associated with it.
10. (j) "Financing agreement" means an agreement entered into by a joint system organized to create a financing pool and a member of it in connection with the lending of the proceeds of construction notes or portion thereof by the joint system to the member so as to provide for the repayment of amounts loaned and interest on it by the member to the joint system.
11. (k) "Financing pool" means a fund of money, obtained through the issuance of a construction note of a joint municipal water system, which may be loaned to the members of it by way of interim financing. Not exceeding five percent of the principal amount of a financing pool may be loaned to not-for-profit corporations established pursuant to Chapter 35 of Title 33.
12. (l) "Government" means the United States of America, acting through the United States Department of Agriculture, or its successor, and the agencies and divisions of it.
13. (m) "Interim financing" means a bond anticipation note or notes issued pursuant to the provisions of Sections 11-17-10 to 11-17-120 in anticipation of the issuance of a bond or bonds of a municipality to be sold to the government.