Unless the context in which used clearly requires a different meaning, as used in this article:
(a) "Authority" means the Water Development Authority provided for in section four, article one of this chapter.
(b) "Cost" as applied to any project financed under the provisions of this article means the total of all costs incurred by a local entity that are reasonable and necessary for carrying out all works and undertakings necessary or incident to the accomplishment of any project including:
(1) Developmental, planning and feasibility studies, surveys, plans and specifications;