- (a) All assets constituting part of a water resource project financed with Arkansas Natural Resources Commission Water Resources Development General Obligation Bond Program funds must be transferred and assigned to the commission at the time of disbursement of such funds.
- (b) In addition, an applicant may be required, in the sole discretion of the commission, to enter into a ground lease with the commission covering any real property owned by the applicant but not conveyed to the commission in relation to which the commission is required to have access or control in order to effect the intents and purposes of Acts 1981, No. 496.
(c) A project may be transferred to the commission in whole or in part from time to time as portions of the project:
- (1) Are completed; and
- (2) Become the subject of requests for disbursement of funds.