§ 4. Definitions.

As used in this act, the following words and terms shall have the following meanings:

(a)

The word "authority" shall mean the authority created by section 2 of this act.

(b)

The word "project" shall be deemed to mean and include the acquisition and construction of all necessary and usual water facilities useful and necessary for the obtaining of one or more sources of water supply, the treatment of water and the distribution and sale of water to users and consumers, including counties and municipalities, for the purpose of resale, within and without the territorial boundaries of Union County and the operation, maintenance, additions, improvements and extensions of such facilities so as to assure an adequate water utility system deemed by the authority necessary or convenient for the efficient operation of such type of undertaking; the acquisition and construction of all necessary and usual facilities useful and necessary for the gathering of waste matter, individual and industrial, the treatment of such waste, including the acquisition and construction of treatment plants, lagoons, without and within the territorial boundaries of Union County, and the operation, maintenance, additions, improvements and extensions of such facilities deemed necessary by the authority to be necessary or convenient for the efficient operation of a sanitary and storm sewer system.

(c)

The term "cost of the project" shall embrace the cost of construction, the cost of all lands, properties, rights, easements and franchises acquired, the cost of all machinery and equipment, financing charges, interest prior to and during construction, and for one year after completion of construction, the cost of engineering, architectural and legal expenses, and of plans and specifications, and other expenses necessary or incident to the financing herein authorized, the construction of any project, the placing of the same in operation, and the condemnation of property necessary for such construction and operation. Any obligation or expense incurred for any of the foregoing purposes shall be regarded part of the cost of the project and may be paid or reimbursed as such out of the proceeds of revenue bonds issued under the provisions of this act for such project.

(d)

The terms "revenue bonds" and "bonds," as used in this act, shall mean revenue certificates as defined and provided for in the Revenue Certificate Law of Georgia, (1937 Ga. Laws, page 761, as amended) and such type of obligations may be issued by the authority as authorized under said Revenue Certificate Law, and in addition, shall also mean obligations of the authority, the issuance of which are hereinafter specifically provided for in this act.

(3)

Any project shall be deemed "self-liquidating" if, in the judgment of the authority, the revenues and earnings to be derived by the authority therefrom will be sufficient to pay the cost of operating, maintaining and repairing, improving and extending the project and to pay the principal and interest of the revenue bonds which may be issued for the cost of such project or projects.