For the purposes of Chapter 6121-2 of the Administrative Code:
(A) "Authority" means the Ohio water development authority, a body corporate and politic organized and existing under the provisions of Chapter 6121. of the Revised Code.
(B) "Governing body of the Authority" means the eight members of the authority as set forth in section 6121.02 of the Revised Code.
(D) "Program fund" means a fund established under rule 6121-2-02 of the Administrative Code.
(E) "Project" means anything that would qualify as a "project" as defined by either section 6121.01 or 6123.01 of the Revised Code, and includes any research and development activity conducted under division (O) of section 6121.04 or division (L) of section 6123.04 of the Revised Code.
(G) "Applicant" means any governmental agency or person, or combination of governmental agencies or persons, who has applied to the authority for a loan or grant to conduct, acquire, or construct, or plan for the conduct, acquisition, or construction of, a project.
(H) "Borrower" means any applicant who has executed a participation agreement for a loan made by the Authority under rule 6121-2-03 of the Administrative Code.
(I) "Participation agreement" means a loan or grant agreement executed by the authority and an applicant under rule 6121-2-03 of the Administrative Code.
(J) "Contract term" means the length of time that a participation agreement is to be in effect once it has been executed by both the authority and the applicant.
(K) "Participation charge" means any payment to the authority that a borrower is required to make under a participation agreement.
(L) "Institution of higher education" means an educational institution in any state that--
(1) Admits as regular students only persons having a certificate of graduation from a school providing secondary education, or the recognized equivalent of such a certificate; (2) Is legally authorized within such state to provide a program of education beyond secondary education; (3) Provides an educational program for which the institution awards a bachelor's degree or provides not less than a two-year program that is acceptable for full credit toward such a degree; (4) Is a public or other nonprofit institution; and (5) Is accredited by a nationally recognized accrediting agency or association.