(a)

1. (1) A debt service reserve fund, when required to be funded by the Arkansas Natural Resources Commission, will be a restricted account established and maintained by a third-party trustee or the applicant, as approved by the Director of the Arkansas Natural Resources Commission.
2. (2) This reserve fund is solely for the benefit and protection of the commission and shall not be used or pledged for any other purpose without prior written approval of the director.

(b) The debt service reserve fund:

1. (1) Will be funded in whole at closing of the financing of the project, unless otherwise approved by the commission; and
2. (2) May be funded from the amounts financed by the commission as part of the overall project cost.