Arkansas Code Title 14. Local Government § 14-269-101. Definitions

(1) “Governing body” means the council, board of directors, or city commission of any municipality;

(2) “Municipality” means a city of the first or second class or an incorporated town;

(3) “Equip” means to install or place in or on any building or structure, equipment of any and every kind, whether or not affixed, including, without limitation, building service equipment, fixtures, heating equipment, air conditioning equipment, machinery, furniture, furnishings, and personal property of every kind.

(4) “Sell” means to sell for such price, in such manner, and upon such terms as the municipality shall determine including, without limitation, public or private sale and, if public pursuant to such advertisement as the municipality shall determine.  “Sell” also means to sell for cash or credit, payable in a lump sum or in installments over such period as the municipality shall determine, and if on credit, with or without interest and at such rate or rates as the municipality shall determine;

(5) “Lease” means to lease for such rentals, for such period or periods and upon such terms and conditions as the municipality shall determine including, without limitation, the granting of such renewal or extension options for such rentals, for such period or periods and upon such terms and conditions as the municipality shall determine and the granting of such purchase options for such prices and upon such terms and conditions as the municipality shall determine;

(6) “Facilities” means any real, personal, or mixed property of any and every kind that can be used, or that will be useful, in developing and providing public parks and facilities under this subchapter, including, without limitation, rights-of-way, roads, streets, pipes, pipelines, reservoirs, utilities, materials, equipment, fixtures, machinery, furniture, furnishings, instrumentalities, and other real, personal, or mixed property of every kind.