The proceeds of the sale of bonds issued under this subchapter shall be deposited by the Arkansas Natural Resources Commission:
(1) Into all or any one (1) or more of the funds established pursuant to § 15-22-614, as set forth in the resolution or trust indenture authorizing or securing such bonds; and
(2)
(A) Into the Water Resources Development Construction Fund, to be applied pursuant to appropriation by the General Assembly to the development of a project or projects developed under this subchapter.
(B) The Treasurer of State is authorized to establish various accounts within the Water Resources Development Construction Fund to correspond to and reflect the series of bonds to which attributable.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 2 - Land and Water Resources Generally
Subchapter 6 - Arkansas Water Resources Development Act of 1981
§ 15-22-604. Powers of commission
§ 15-22-605. Water resources development bonds — Authority to issue
§ 15-22-606. Bonds — Principal amount
§ 15-22-607. Bonds — Approval of Governor
§ 15-22-608. Bonds — Purpose of issuance and application of proceeds
§ 15-22-610. Bonds — Individual series
§ 15-22-611. Bonds — Authorizing resolution, trust indenture, and selection of projects
§ 15-22-612. Bonds — Execution and delivery
§ 15-22-613. Bonds — Sale after notice
§ 15-22-614. Deposit of revenues — Trust funds
§ 15-22-615. Bonds as general obligations of state — Pledge of revenues
§ 15-22-616. Payment of debt service — Transfer and use of funds
§ 15-22-617. Tax exemption — Legal investment
§ 15-22-618. Contract not to be impaired — Remedies of bondholder
§ 15-22-619. Creation of rights
§ 15-22-620. Deposit of proceeds of sale of bonds