Sec. 11. (a) This section applies to a county that:
(1) has not elected to surrender custody of any part of the fund to the state; and
(2) has an insufficient amount of unloaned money in the fund when added to the amount of unloaned money in the congressional township school fund, as shown by a report of the county auditor and county treasurer, to make all loans for which the county auditor has applications.
(b) Upon petition of the board of commissioners of the county, the state board of finance may allocate to the county making the application the amount that the state board of finance determines is necessary.