(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 “Policemen's Pension Supplement Program Fund”.
(2) The fund shall consist of that portion of those unallocated premium taxes levied on insurers for the support of police retirement programs set out in §§ 24-11-211 and 24-11-302(j)(3) [repealed].
(3) The fund shall be used for providing financial assistance to certain retired police officers and their survivors who are receiving pensions from policemen's pension and relief funds as set out in § 24-11-211.