Arkansas Code Title 14. Local Government § 14-204-107. Revenue bonds--Characteristics

(b) The principal of and interest on the revenue bonds, with trustee's and paying agent's fees and similar servicing charges, shall be payable from revenues derived from the hydroelectric project or projects acquired, constructed, reconstructed, extended, or improved, in whole or in part, with the proceeds of the bonds.

(c) Revenues derived from the operation of hydroelectric power projects in excess of the revenues necessary to provide for the operation, maintenance, depreciation, and debt service requirements in connection with such hydroelectric power projects, as determined by the municipality or county, may be used for any lawful municipal or county purpose and may be pledged by the municipality or county issuing revenue bonds under this chapter to the payment of principal and interest on indebtedness incurred by the municipality or county, or by a nonprofit corporation with the approval of the municipality or county, for financing the acquisition, construction, reconstruction, extension, equipment, or improvement of waterworks facilities, of sanitation and solid waste facilities, of facilities for the securing or developing of tourism, or of community recreational facilities.