(a)
(1) The debt service on the bonds shall be secured by a lien on and pledge of the petroleum environmental assurance fee established by § 8-7-906.
(2) The pledging of such fees is authorized.
(b) Commencing on the first day of the month next succeeding the issuance of bonds by the Arkansas Development Finance Authority, the pledged fees are specifically declared to be cash funds restricted in their use and dedicated and to be used solely as provided and authorized in this subchapter, the Arkansas Development Finance Authority Act, §§ 15-5-101 -- 15-5-106, 15-5-201 -- 15-5-211, 15-5-213, and 15-5-301 -- 15-5-316, and the Petroleum Storage Tank Trust Fund Act, § 8-7-901 et seq.
(c)
(1) Commencing on the first day of the month next succeeding the issuance of bonds by the authority, the pledged fees shall not be deposited into the State Treasury and shall not be subject to legislative appropriations, but, as received by the Director of the Department of Finance and Administration or the Treasurer of State, shall be deposited into a bank or banks selected by the authority and approved by the Treasurer of State.
(2) The pledged fees shall be deposited to the credit of a fund established on the books of the authority created and designated as the "Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund".
(d)
(1) There is established on the books of the authority a reserve fund to be known as the "Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund".
(2) The Petroleum Storage Tank Trust Fund Revenue Bonds Reserve Fund shall be funded from the proceeds of the bonds and shall be held and used to ensure prompt payment of debt service on the bonds in such a manner and pursuant to such conditions as may be specified by the authority in the resolution or trust indenture authorizing or securing the bonds.
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