As used in the Governmental Conduct Act:
A. "business" means a corporation, partnership, sole proprietorship, firm, organization or individual carrying on a business;
B. "confidential information" means information that by law or practice is not available to the public;
C. "contract" means an agreement or transaction having a value of more than one thousand dollars ($1,000) with a state or local government agency for:
(1) the rendition of services, including professional services;
(2) the furnishing of any material, supplies or equipment;
(3) the construction, alteration or repair of any public building or public work;
(4) the acquisition, sale or lease of any land or building;
(5) a licensing arrangement;
(6) a loan or loan guarantee; or
(7) the purchase of financial securities or instruments;
D. "employment" means rendering of services for compensation in the form of salary as an employee;
E. "family" means an individual's spouse, parents, children or siblings, by consanguinity or affinity;
F. "financial interest" means an interest held by an individual or the individual's family that is:
(1) an ownership interest in business or property; or
(2) any employment or prospective employment for which negotiations have already begun;
G. "local government agency" means a political subdivision of the state or an agency of a political subdivision of the state;
H. "official act" means an official decision, recommendation, approval, disapproval or other action that involves the use of discretionary authority;
I. "public officer or employee" means any elected or appointed official or employee of a state agency or local government agency who receives compensation in the form of salary or is eligible for per diem or mileage but excludes legislators;
J. "standards" means the conduct required by the Governmental Conduct Act;
K. "state agency" means any branch, agency, instrumentality or institution of the state; and
L. "substantial interest" means an ownership interest that is greater than twenty percent.