As used in this part:

  (a) “Costs” means 1 or more of the following costs that may be chargeable to the waste management project as a capital cost under generally acceptable accounting principles:

  (i) The cost or fair market value of the acquisition or construction of lands, property rights, utility extensions, disposal facilities, buildings, structures, fixtures, machinery, equipment, access roads, easements, and franchises.

  (ii) Engineering, architectural, accounting, legal, organizational, marketing, financial, and other services.

  (iii) Permits and licenses.

  (iv) Interest on the financing of the waste management project during acquisition and construction and before the date of commencement of commercial operation of the waste management project, but for not more than 1 year after that date.

  (v) Operating expenses of the waste management project before full earnings are achieved, but for not more than 1 year after that date.

  (vi) A reasonable reserve for payment of principal and interest on an indebtedness to finance the cost of a waste management project.

  (b) “Local authority” means an authority created under Act No. 179 of the Public Acts of 1947, being section 123.301 to 123.310 of the Michigan Compiled Laws.

  (c) “Municipality” means a county, city, township, village, or local authority, or a combination thereof.

  (d) “Note” means a note issued by a municipality pursuant to this part.

  (e) “Person” means an individual, firm, partnership, association, corporation, unincorporated joint venture, or trust, organized, permitted, or existing under the laws of this state or any other state, including a federal corporation, or a combination thereof, but excluding a municipality, special district having taxing powers, or other political subdivision of this state.

  (f) “Revenue” means money or income received by a municipality as a result of activities authorized by this part, including loan repayments and interest on loan repayments; proceeds from the sale of real or personal property; interest payments on investments; rentals and other payments due and owing on account of an instrument, lease, contract, or agreement to which the municipality is a party; and gifts, grants, bestowals, or other moneys or payments to which a municipality is entitled under this part or other law.

  (g) “Waste” means a discarded solid or semisolid material, including garbage, refuse, rubbish, ashes, liquid material, and other discarded materials generated by residential, commercial, agricultural, municipal, or industrial activities, including waste from sewage collected and treated in a municipal sewage system.

  (h) “Waste management project” means 1 or more parts of a waste collection, transportation, disposal, or resource recovery system, including plants, works, systems, facility or transfer stations planned, designed, or financed under this part. Waste management project includes the extension or provision of utilities, steam generating and conveyance facilities, appurtenant machinery, equipment, and other capital facilities, other than off-site mobile vehicular equipment, if necessary for the operation of a project or portion of a project. Waste management project also includes necessary property rights, easements, interests, permits, and licenses.