§ 19-5-964 - Water Resources Development Bond Fund.
19-5-964. Water Resources Development Bond Fund.
(a) There is hereby established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the Water Resources Development Bond Fund.
(b) Such fund shall consist of proceeds from the sale of bonds as issued by the Arkansas Natural Resources Commission and revenues derived from projects financed under 15-22-601 et seq., in amounts or portions as set forth in the resolution or trust indenture authorizing or securing such bonds, general revenues, and any other funds made available by the General Assembly, there to be used only to provide for payment of all or part of debt service on bonds issued under 15-22-601 et seq., either at maturity or upon redemption prior to maturity, as administered by the Treasurer of State.