Ark. Code Ann. § 14-238-113: Funds

(a) Boards are authorized to use any available funds and revenues for the accomplishment of all or a portion of waterworks facilities projects or wastewater facilities projects, or both, and may issue bonds, as authorized by this chapter, for the accomplishment of all or a portion of waterworks facilities projects or wastewater facilities projects, or both, either alone or together with other available funds and revenues.

(b) Bonds may be issued in principal amounts as shall be sufficient to pay the costs of issuing bonds, the amount necessary for a reserve, if deemed desirable, the amount necessary to provide for debt service until revenues for the payment thereof are available, the amount necessary to acquire a contract providing for payments to the board at a rate or rates at least sufficient to provide for, alone or with any other revenues that may be pledged, debt service on the bonds, if deemed desirable, and to pay any other costs and expenditures of whatever nature incidental to the accomplishment of all or a portion of the waterworks facilities or wastewater facilities project involved and the placing of it into operation.