(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the “Water Resources Development Debt Service Reserve Fund”.
(b) The fund shall consist of:(1) Proceeds from the sale of bonds as issued by the Arkansas Natural Resources Commission and revenues derived from projects financed under the Arkansas Water Resources Development Act of 1981, § 15-22-601 et seq., in amounts or portions as set forth in the resolution or trust indenture authorizing or securing the bonds;(2) General revenues; and(3) Any other funds made available by the General Assembly.
(1) Proceeds from the sale of bonds as issued by the Arkansas Natural Resources Commission and revenues derived from projects financed under the Arkansas Water Resources Development Act of 1981, § 15-22-601 et seq., in amounts or portions as set forth in the resolution or trust indenture authorizing or securing the bonds;
(2) General revenues; and
(3) Any other funds made available by the General Assembly.
(c) The fund shall be used only to ensure prompt payment of debt service on bonds issued under the Arkansas Water Resources Development Act of 1981, § 15-22-601 et seq., either at maturity or upon redemption before maturity, as administered by the Treasurer of State.