(1) There is created 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 “Area Agencies on Aging Fund”.
(2) The Treasurer of State shall credit to the fund the amount certified each quarter under § 26-51-2507.
(3) The Treasurer of State shall distribute moneys in the fund to the Division of Aging, Adult, and Behavioral Health Services of the Department of Human Services to be distributed to the eight (8) area agencies on aging based on the division's funding formula.
(4) The division's funding formula shall take into consideration the following factors without limitation: The geographical distribution of the older individuals in the state; and
(5) The distribution of the older individuals in the state who have the greatest economic need and social need, with particular consideration of the low-income minority older individuals.