(1) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “City-County Tourist Facilities Aid Fund”.
(2) The City-County Tourist Facilities Aid Fund shall consist of moneys deducted from the General Revenue Fund Account of the State Apportionment Fund in such amounts necessary to meet the quarterly payments to cities and counties that are parties to an agreement with the state, entered into pursuant to §§ 14-171-204 — 14-171-209 [repealed] and 14-171-210, there to be administered by the State Board of Finance and disbursed by the Treasurer of State as set out in the City-County Tourist Meeting and Entertainment Facilities Assistance Law, § 14-171-201 et seq.