Arkansas Code Title 22. Public Property § 22-3-1412. Proceeds of bonds--Deposit

(a) The Arkansas Development Finance Authority shall include necessary provisions in the authorizing resolution or trust indenture to provide for the deposit of the proceeds of the bonds pursuant to the provisions of § 15-5-209.

(b) The authority may create and establish one (1) or more special funds in such depositories and make such investment as it may designate to provide for the construction, secure the bonds, establish reserves, and fund other necessary functions or activities authorized by this subchapter.