Section 15-22-507 - Arkansas Water Development Fund(a) The Arkansas Natural Resources Commission is authorized to establish, maintain, and administer the "Arkansas Water Development Fund", which shall be used for the payment of any water development project costs set out in § 15-22-506 and to discharge obligations pertaining to the principal of and interest on any water development bond issued by the commission.(b) The fund may consist of the following: (1) Cash funds, from whatever source received, on deposit by the commission in any one (1) or more banks qualifying for the deposit of public funds;(2) Savings accounts in any one (1) or more banks qualifying for such deposits of public funds; and(3) Bonds of the United States.Acts 1969, No. 217, § 4; A.S.A. 1947, § 21-1320.