Are you referring to the art.cfc component in this?
<cfselect name="mediaid"
bind="cfc:art.getMedia()"
bindonload="true" />
The code can be anywhere under your webroot, and you refer to your art.cfc file using dot notation starting from the webroot. For example, if your path is /library/components/art.cfc then you would use...
<cfselect name="mediaid"
bind="cfc:library.components.art.getMedia()"
bindonload="true" />
I think an earlier version of CF had a but with this, I ended up leaving my cfc at the root level, the calling code could be placed anywhere.