(1) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a miscellaneous fund to be known as the “Arkansas River Navigation System Fund”.
(2) The fund shall consist of: The taxes and penalties described in § 26-26-1616(d)(2);
(3) Grants made by any person or federal government agency;
(4) Any remaining fund balances carried forward from year to year; and
(5) Any other funds authorized or provided by law.
(6) The fund shall be used by the Arkansas Waterways Commission to develop, improve, and expand river transportation resources within the portion of the McClellan-Kerr Arkansas River Navigation System located in the State of Arkansas.