Subject to the condition that there is no violation of the pledge or any covenant of the Commission pertaining to the Outstanding 1965 Bonds, the Commission may use any of the Pledged Revenues prior to the issuance of any Bonds hereunder for defraying costs of accomplishing the authorities, powers and purposes of the Commission under this Act. The principal of premiums, if any, interest on, and trustee's and paying agent's fees in connection with the bonds shall be payable solely from the moneys in the Bond Fund and the moneys required by this Act to be deposited into the Bond Fund.
The Commission is directed to insert appropriate provisions in the authorizing resolution or trust indenture for the investing and reinvesting of moneys in the Bond Fund (in securities selected by the Commission), and all income derived from such investments shall be and become a part of the Bond Fund.
Ark. Code app TITLE 19 § 7
APPROVED: 3/24/1977.