As used in this chapter, the following words and terms shall have the following meanings unless the context shall indicate another or different meaning:

(1)  “Authority” means the Rhode Island public transit authority created by § 39-18-2, or, if the authority shall be abolished, the board, body, or commission succeeding to the principal functions thereof, or upon whom the powers of the authority given by this chapter shall be given by law.

(2)  “Bonds” means bonds, notes, or other evidences of indebtedness, including temporary notes of the authority issued in anticipation of revenues to be received by the authority or in anticipation of the receipt of federal, state, or local grants or other aid.

(3)  “Municipality” means any town, city, or subdivision thereof.

(4)  “Transit property” means and includes any property, whether real or personal, and any apparatus and equipment used or useful in the operation of a motor bus, water, or rail passenger transportation line or system, and includes any rights or franchises to operate any passenger transportation line or system, but it does not include other property or assets.