Whenever used in this part, unless the context otherwise requires:
(1) “Capital improvement property” means any real or tangible property needed for a governmental purpose and having a useful life of one (1) year or more, and any real or tangible personal property with respect to which capital outlay notes can be legally authorized and issued by a municipality;
(2) “Contracting party” means any party to a contract, lease or lease-purchase agreement other than a municipality, and can include individuals, corporations, partnerships, other government agencies, and other business entities;
(3) “Governing body” means the board or body in which the general legislative powers of the municipality are vested;
(4) “Municipality” means any county or incorporated city or town of the state of Tennessee;
(5) “Notice of meeting” means the notice of meeting referred to in this part; and
(6) “Resolution” means any resolution duly adopted by a governing body pursuant to this part.