(1) The Arkansas Racing Commission is authorized to allow each dog racing franchise holder to conduct six (6) additional days of racing during each calendar year in addition to any other days of dog racing authorized by law.
(2) The net proceeds, as defined in § 23-111-503, derived from two (2) of the additional days of dog racing shall be deposited with the Treasurer of State as special revenue for credit to the Municipal Aid Fund. Moneys deposited into the fund shall be distributed to all municipalities located in the county in which the dog racing meet is held, except the municipality in which the dog racing track is located, with each municipality to receive such portion of the fund as the population of the municipality bears to the total population of all participating municipalities in the county.