“Base flood” or “one-hundred (100) year flood” means a type of water, mud or debris flood, including the water surface elevation and territorial occupation thereof, which can be expected to occur at any time in a given area based upon recorded historical precipitation and other valid data, but with an average statistical one percent (1%) chance of being equaled or exceeded during any one (1) year. Base flood is used interchangeably with “one percent (1%) flood” or “one hundred (100) year flood”.