(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 Resources Development Operation and Maintenance Fund”.
(2) The fund shall consist of proceeds from the sale of bonds as issued by the Arkansas Natural Resources Commission and revenues derived from projects financed under the Arkansas Water Resources Development Act of 1981, § 15-22-601 et seq., in amounts or portions as set forth in the resolution or trust indenture authorizing or securing such bonds, there to be used for all or a part of the operation and maintenance needs of projects financed under the provisions of the Arkansas Water Resources Development Act of 1981, § 15-22-601 et seq.