There is hereby established in the State Treasury the California Fund for Senior Citizens to receive contributions made pursuant to Section 18721.
The Franchise Tax Board shall notify the Controller of both the amount of money paid by individuals in excess of their tax liability and the amount of refund money which individuals have designated pursuant to Section 18721 to be transferred to the California Seniors’ Fund. The Controller shall transfer from the Personal Income Tax Fund to the California Fund for Senior Citizens an amount not in excess of the sum of the amounts designated by individuals pursuant to Section 18721 for payment into that fund.