(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 Construction Fund”.
(2) The fund shall consist of proceeds from the sale of bonds as issued by the Arkansas Natural Resources Commission, there to be used, pursuant to appropriation by the General Assembly, for projects developed under the Arkansas Water Resources Development Act of 1981, § 15-22-601 et seq.