(1) “Authority” means the body politic and corporate created by this act;

(2) “Educational facility” means any site, structure, or equipment suitable for use in academic, research and cultural activities at a college, including, but not limited to, class rooms, laboratories, libraries, research facilities, academic buildings, dormitory and housing units, dining halls, student unions, administration buildings, athletic and health care facilities, parking, maintenance, storage and utility facilities, and all the facilities, equipment, materials and furnishings necessary and usually attendant thereto: Provided, That “educational facility” shall not include any facility used or to be used for sectarian instruction or study, or as a place for devotional activities or religious worship;

(3) “College” means any nonprofit educational institution situated within the Commonwealth empowered to provide a program of education beyond the high school level and which, by virtue of governing law and regulation, is recognized by the State Board of Education as an institution of higher education and which places no restrictions upon the admission of students based upon race, creed, or national origin;

(4) “Project” means any educational facility which the authority is authorized to acquire, construct, finance, improve, install, maintain or operate under the provisions of this act;

(5) “Bonds” mean and include the notes (other than revenue anticipation notes), bonds, and other evidences of indebtedness or obligations, which the authority is authorized to issue pursuant to this act;

(6) “Construction” means and includes acquisition, construction, improvement, equipping and furnishing, and the term “to construct” means and includes to acquire, to construct, to improve, to equip, and to furnish in such manner as may be deemed desirable;

(7) “Improvement” means and includes extension, enlargement, equipping, reconstruction, rehabilitation, furnishing and improvement, and the term “to improve” means and includes to extend, to enlarge, to equip, to reconstruct, to rehabilitate, to furnish and to improve in such manner as may be deemed desirable;

(8) “Cost of a project” means and includes, but shall not be limited to, all or any part of the cost of construction, acquisition, alteration, enlargement, reconstruction and rehabilitation of a project, including all lands, structures, real or personal property, rights, rights of way, roads, franchises, easements and interests acquired or used for or in connection with a project, the cost of demolishing or removing any buildings or structures on land so acquired, including the cost of acquiring any lands to which such buildings or structures may be moved or relocated, the cost of all utility lines, structures or equipment, the charges, interest prior to, during and for a period of six months after completion of such construction and acquisition, provisions for reserves for principal and interest and for extensions, enlargements, additions and improvements, cost of architectural, engineering, financial and legal services, plans, specifications, studies, surveys, estimates of cost and of revenues, administrative expenses, expenses necessary or incident to determining the feasibility or practicability of constructing the project and such other expense as may be necessary or incident to the construction, acquisition or financing of the project and the placing of the project in operation;

(9) “Financing” or “to finance” means and includes the lending or providing of funds to a college for payment of the cost of a project;

(10) “Working capital” means and includes, but shall not be limited to, funds for supplies, materials, services, salaries, pensions and any other proper operating expenses;

(11) “Revenue anticipation notes” mean the revenue anticipation notes, and other evidence of indebtedness or obligations, which the authority is authorized to issue pursuant to this act for the purpose of providing short-term loans to colleges to fund their working capital requirements.