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) 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.
(3) 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.