The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:
"Authority." The Pennsylvania Higher Educational Facilities Authority.
"Bonds." Notes (other than revenue anticipation notes) , bonds, and other evidences of indebtedness or obligations, which the Pennsylvania Higher Educational Facilities Authority is authorized to issue pursuant to the act of December 6, 1967 (P.L. 678, No. 318), known as The Pennsylvania Higher Educational Facilities Authority Act of 1967, and which were issued on or after June 1, 2001.
"College." A nonprofit educational institution situated within this Commonwealth which is empowered to provide a program of education beyond the high school level, which by virtue of governing law and regulation is recognized by the State Board of Education as an institution of higher education and which places no restrictions upon the admission of students based upon race, creed or national origin.
"Department." The Department of Education of the Commonwealth.
"Dormitory and housing units." A building owned by a college which is used as a residence by students of the college.
24 P.S. § 5552