(1) The Division of Correction may establish accounts in financial institutions other than the State Treasury for the purpose of making debt service payments on bonds issued, or leases, or both, through the Arkansas Development Finance Authority and as otherwise authorized by law.
(2) The accounts shall be entitled the “Construction Fund Deficiency Account”, the “Prisoner Housing Contract Account”, and the “Regional Facilities Operations Account”.
(3) Receipts into the Construction Fund Deficiency Account, the Prisoner Housing Contract Account, and the Regional Facilities Operations Account shall be from transfers from the work-release cash funds, payments to the division for housing county and city prisoners in regional facilities, and such other sources as required.
(4) Payments made by the division from the work-release cash funds, Construction Fund Deficiency Account, Prisoner Housing Contract Account, and the Regional Facilities Operations Account which are made for bonded indebtedness or leases of regional correction facilities, or both, are specifically exempt from §§ 19-4-801 — 19-4-803, 19-4-805, and 19-4-806.