(1) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Water, Waste Disposal, and Pollution Abatement General Obligation Bond Fund”.
(2) The fund shall consist of proceeds from the sale of bonds issued by the Arkansas Natural Resources Commission and revenues derived from projects financed under the Arkansas Water, Waste Disposal and Pollution Abatement Facilities Financing Act of 1997 in amounts or portions as set forth in the resolution or trust indenture authorizing or securing such bonds.
(3) The fund shall be used for the development of projects and the payment of the costs and expenses of the issuance of the bonds.