(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 “Waste Disposal and Pollution Abatement Facilities Construction 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 § 15-22-701 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 the development of projects and the payment of the costs and expenses of the issuance of the bonds.