(1) Within sixty (60) days after the closing date for the receipt of applications for funds, the Arkansas Livestock and Poultry Commission shall determine the amount of bond which the executive officer shall furnish and the amount of premium funds to which each county and district livestock show or fair association is entitled in accordance with the provisions of this subchapter.
(2) The state warrant issued in favor of each association for the amount found to be due shall be transmitted to the executive officer thereof upon receipt by the commission of a bond executed in conformity with its requirements.