(a) In addition to being available for use in the operation of the Arkansas Natural Resources Commission for current water development project costs and for such other and additional purposes as provided for by law, appropriated funds for the maintenance of the commission may be used in the discretion of the commission for meeting the debt service requirements of outstanding revenue bonds issued by the commission including the retirement thereof in advance of maturity by call or purchase on tender.
(b) However, no tax moneys appropriated for maintenance of the commission may be pledged, as distinguished from used, to meet the debt service requirements of any revenue bonds issued by the commission.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 2 - Land and Water Resources Generally
Subchapter 5 - Water Development Projects Generally
§ 15-22-502. Construction — Surveys, reports, etc
§ 15-22-503. Arkansas Water Plan
§ 15-22-504. Publication and availability of plan
§ 15-22-505. Powers and duties of commission generally
§ 15-22-506. Cooperation with state or federal agencies — Project costs
§ 15-22-507. Arkansas Water Development Fund
§ 15-22-511. Exemption of commission property from mortgages and forced sales
§ 15-22-512. Tax exemptions for commission property