(1) Project means any property located within the state, constructed or acquired before, on, or after September 13, 1997, that may be used or will be useful in connection with the instruction, feeding, recreation, or housing of students, the conducting of research, administration, or other work of an elementary or secondary school, or any combination of the foregoing. Project includes, but is not limited to, an academic facility, administrative facility, assembly hall, athletic facility, auditorium, campus, communication facility, exhibition hall, housing for faculty and other staff, instructional facility, laboratory, library, maintenance facility, museum, offices, parking area, physical educational facility, recreational facility, research facility, stadium, storage facility, student facility, student health facility, student housing, theatre, or utility facility.
(2) Project also means and includes the refunding or refinancing of outstanding obligations, mortgages, or advances, including advances from an endowment or similar fund, originally issued, made, or given by such elementary or secondary school to finance the cost of a project or projects whenever the authority finds that such refunding or refinancing is in the public interest and either:
(a) Alleviates a financial hardship upon the elementary or secondary school;
(b) Results in a lesser cost of education to its students; or
(c) Enables the elementary or secondary school to offer greater security for the financing of a new project or projects or to effect savings in interest costs or more favorable amortization terms.