§ 15-22-614 — Deposit of revenues - Trust funds

(a) All revenues derived by the Arkansas Natural Resources Commission from any project financed under this subchapter shall be deposited by the commission, as received, into trust funds in the State Treasury to accomplish the purposes of this subchapter, specifically, in amounts or portions as set forth in the resolution or trust indenture authorizing or securing the bonds issued to finance the development of such a project into trust funds created and designated as follows: (1) Into the Water Resources Development Bond Fund to provide for payment of all or a part of debt service on bonds issued under this subchapter; (2) Into the Water Resources Development Debt Service Reserve Fund to provide a reserve for payment of debt service on the bonds; and (3) Into the Water Resources Development Operation and Maintenance Fund to provide for all or a part of the operation and maintenance needs of such a project or of other projects financed under this subchapter. (b) The Treasurer of State is authorized and directed to establish separate accounts within the funds to correspond to and reflect the various series of bonds to which attributable.

Legislative History

Acts 1981, No. 496, § 9; A.S.A. 1947, § 21-2309.