15 CAR § 25-704 – Nature of project ownership

(a) The Arkansas Natural Resources Commission shall obtain a secured interest in all projects developed pursuant to the Safe Drinking Water Fund.
(b) Accordingly, and as more specifically provided in 15 CAR § 25-501, as a condition of obtaining a loan in connection with any project, the applicant will be required to convey to the commission a secured interest in land, buildings, improvements, equipment, and other facilities that are financially assisted by the fund and that will comprise a project, and the commission must retain such secured interest until all project costs and other fees and charges as may be imposed by the commission have been paid or reimbursed to the commission.