(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 “Port Priority Improvement Fund”.
(2) The fund shall consist of the funds or other moneys that may be deposited into the fund as provided by the General Assembly.
(3) The fund shall be used for the purpose of providing financial assistance to public port authorities as set out in the Arkansas Port Priority Improvement Program Act, § 15-23-901 et seq., and for development of port infrastructure, including engineering and construction costs.