(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 Debt Service Reserve 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 Waste Disposal and Pollution Abatement Facilities Financing Act of 1987, § 15-22-701 et seq., in amounts or portions as set forth in the resolution or trust indenture authorizing or securing such bonds, general revenues, and any other funds made available by the General Assembly; there to be used only to ensure prompt payment of debt service on bonds issued under the Arkansas Waste Disposal and Pollution Abatement Facilities Financing Act of 1987, § 15-22-701 et seq., either at maturity or upon redemption prior to maturity, as administered by the Treasurer of State.