(1) “Impoundment” means the water held back by a dam.

  (2) “Low hazard potential dam” means a dam located in an area where failure may cause damage limited to agriculture, uninhabited buildings, structures, or township or county roads, where environmental degradation would be minimal, and where danger to individuals is slight or nonexistent.

  (3) “Maintenance” means the upkeep of a dam and its appurtenant works but does not include alterations or repairs.

  (4) “One-hundred year flood” means a flood that has a 1% chance of being equaled or exceeded in any given year.

  (5) “Owner” means a person who owns, leases, controls, operates, maintains, manages, or proposes to construct a dam.

  (6) “Probable maximum precipitation” means the theoretically greatest depth of precipitation for a given duration that is physically possible over a given size storm area at a particular geographic location at a certain time of year.