§ 15-22-719 - Deposit of proceeds of sale of bonds. - Arkansas Statutes

15-22-719. Deposit of proceeds of sale of bonds.

(a) The proceeds from the sale of the bonds, together with 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, in amounts or portions as set forth in the resolution or trust indenture authorizing or securing the bonds issued to finance the development of the project into trust funds created by this section and designated as follows:

(1) Into the Waste Disposal and Pollution Abatement Facilities Construction Fund to provide for the development of projects and the payment of the costs and expenses of the issuance of the bonds;

(2) Into the Waste Disposal and Pollution Abatement Facilities Bond Fund to provide for payment for all or a part of debt service on bonds issued under this subchapter;

(3) Into the Waste Disposal and Pollution Abatement Facilities Debt Service Reserve Fund to provide for a reserve or reserves for payment of debt service on the bonds; and

(4) Into the Waste Disposal and Pollution Abatement Facilities Operation and Maintenance Fund to provide for all or a part of the operation and maintenance of the projects financed under this subchapter.

(b) (1) The Treasurer of State is authorized and directed to establish separate accounts within such funds to correspond to the applicable series of bonds.

(2) In addition, there may be created in the State Treasury such other funds, accounts, or subaccounts as the commission may determine in the resolution or trust indenture to be necessary to accomplish the purposes of this subchapter.