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(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a miscellaneous fund to be known as the “Arkansas River Navigation System Fund”.
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(b) The fund shall consist of:
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(1) The taxes and penalties described in § 26-26-1616(d)(2);
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(2) Grants made by any person or federal government agency;
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(3) Any remaining fund balances carried forward from year to year; and
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(4) Any other funds authorized or provided by law.
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(c) The fund shall be used by the Arkansas Waterways Commission to develop, improve, and expand river transportation resources within the portion of the McClellan-Kerr Arkansas River Navigation System located in the State of Arkansas.
