Whenever used in this part, unless a different meaning clearly appears from the context:

“Department” means the department of budget and finance.

“Project agreement” means any agreement entered into under this part by the department with a project party providing for the issuance of special purpose revenue bonds to finance facilities of the project party or for the project party or to loan the proceeds of such bonds to assist not-for-profit private nonsectarian and sectarian elementary schools, secondary schools, colleges, and universities that serve the general public, including, without limitation, on any loan agreement.

“Project party” means a not-for-profit private nonsectarian and sectarian elementary school, secondary school, college, and university that serves the general public.

“Refinancing of outstanding obligations” or “refinancing” means the liquidation; the retirement; the provision for retirement through the proceeds of bonds issued by the State of any indebtedness of a project party incurred to finance or help finance a lawful purpose of the project party not financed pursuant to this part; or the consolidation of such indebtedness with indebtedness of the State incurred by the project party related to the purpose for which the indebtedness of the project party was initially incurred.

“Special purpose revenue bonds” or “bonds” means bonds, notes, or other evidence of indebtedness of the State issued pursuant to this part.