(1) There is established in the State Treasury a fund to be known as the “White River Navigation Fund”, into which shall be deposited and allocated such moneys as may be provided therefor by the General Assembly.
(2) These moneys shall be used by the Arkansas Waterways Commission in making available the state funds that may be required by the United States Congress in connection with the White River Navigation Improvement Project, in the event the United States Congress shall authorize the project, and shall provide funds to the United States Army Corps of Engineers for the project, conditioned upon the State of Arkansas providing financial assistance in connection with defraying a portion of the cost of the project.