(a) “Authority” shall mean the body politic and corporate created by this act;

(b) “Department” shall mean the Department of Public Instruction;¹

(c) “Project” shall mean any structure, facility or undertaking which the Authority is authorized to construct, finance, improve, install, maintain or operate under the provisions of this act;

(d) “Bonds” shall mean and include the notes, bonds, and other evidences of indebtedness or obligations, which the Authority is authorized to issue pursuant to this act;

(e) “Construction” shall mean and include acquisition and construction, and the term “to construct” shall mean and include to acquire and to construct in such manner as may be deemed desirable;

(f) “Improvement” shall mean and include extension, enlargement and improvement, and the term “to improve” shall mean and include to extend, to enlarge and to improve in such manner as may be deemed desirable;

(g) “School building” shall mean, but shall not be limited to, any structure used or useful for schools and playgrounds, including facilities for physical education, and any community college building;

(g.1) “Local sponsor” shall mean a school district or a county, municipality, township or a county board of school directors, or any combination of school districts, counties, municipalities, townships or county boards of school directors which participate in the establishment and operation of a community college;

(g.2) “Community college” shall mean a public college or technical institute as established under the act of August 24, 1963 (P.L. 1132), known as the “Community College Act of 1963”;²

(g.3) “Board of trustees” shall mean the board of trustees of a community college;

(g.4) “Community college building” shall mean any facility or structure used or useful for a community college, the furnishings and equipment thereof and any land or interest in land related thereto;

(h) “Cost of a project” shall include, but shall not be limited to, the cost of all real estate, properties, rights and easements acquired, the cost of construction of school buildings and the furnishing and equipment thereof, all financing charges, interest prior to and during construction, engineering, architects' and legal expenses, including the cost of plans, specifications and surveys, estimates of costs and revenues, administrative expenses, and such other expenses as are necessary or incident to the financing herein authorized or to determine the feasibility or practicability of any project and the condemnation of property necessary for use of, or in connection with, any school building;

(i) “Present Worth Method” shall mean the semiannual rate, compounded semiannually, necessary to discount to present worth as of the date of the bonds or notes the amounts payable on each interest payment date and on each stated maturity or earlier mandatory redemption date so that the aggregate of such amounts will equal the purchase price offered therefor exclusive of interest accrued to the date of delivery. The present worth interest cost shall be stated in terms of an annual percentage rate and shall be that rate of interest which is twice the semiannual rate so ascertained;

(j) “Financing” or “to finance” means and includes the lending or providing of funds to a school district or board of trustees of a community college for payment of the cost of a project.