(1) The Arkansas Natural Resources Commission and with the approval of the commission the Arkansas Development Finance Authority may use the moneys in the Drinking Water State Revolving Loan Fund Account excluding the Drinking Water State Grants Account and the assets acquired with moneys in the Drinking Water State Revolving Loan Fund Account to secure the payment of the principal of and premium, if any, and interest on bonds issued by the commission or the authority if proceeds of the bonds are deposited into the Drinking Water State Revolving Loan Fund Account and pay the principal of and premium, if any, and interest on and to pay costs incurred in connection with bonds issued by the commission or the authority if proceeds of the bonds are deposited into the Drinking Water State Revolving Loan Fund Account.
(2) Subject to § 15-22-1102(c)-(e), the commission and, with the approval of the commission, the authority may pledge the Drinking Water State Revolving Loan Fund Account excluding the Drinking Water State Grants Account and pledge the assets acquired with moneys in the Drinking Water State Revolving Loan Fund Account to secure the payment of the principal of and premium, if any, and interest on bonds issued by the commission or the authority if proceeds of the bonds are deposited into the Construction Assistance Revolving Loan Fund under § 15-5-901 et seq., consistent with applicable federal law and pay the principal of and premium, if any, and interest on and to pay costs incurred in connection with bonds issued by the commission or the authority if proceeds of the bonds are deposited into the Construction Assistance Revolving Loan Fund under § 15-5-901 et seq., consistent with applicable federal law.