(a) State of Arkansas Water, Waste Disposal, and Pollution Abatement Facilities general obligation bonds issued under this subchapter shall be issued to finance on a temporary or permanent basis or to refinance and develop one (1) or more projects.
(b) The proceeds of bonds issued under this subchapter shall be applied to:(1) The payment of project costs and the costs and expenses of issuance of the bonds or in connection with a project refinancing;(2) The repayment of indebtedness incurred to pay project costs; or(3) For the refunding of bonds as provided in § 15-20-1513.
(1) The payment of project costs and the costs and expenses of issuance of the bonds or in connection with a project refinancing;
(2) The repayment of indebtedness incurred to pay project costs; or
(3) For the refunding of bonds as provided in § 15-20-1513.