For each school year the Finance and Administration Cabinet, on the certification of the chief state school officer, shall draw warrants on the State Treasurer for the amount of the public school fund due each district. Checks shall be issued by the State Treasurer and transmitted to the Department of Education or electronically transferred for distribution to the proper officials of the school districts when the districts have fully complied with the school laws and administrative regulations of the Kentucky Board of Education. The chief state school officer shall:
(1) Determine, on or before May 1 of each year, the estimated allotment of school funds to which each district is entitled for the upcoming fiscal year under KRS 157.310 to 157.440. On July 1, August 1, and September 1 of each fiscal year, one- twelfth (1/12) of the estimated allotment shall be paid to each school district;
(2) Revise the estimated allotment on or before October 1 of each year. On October 1, November 1, December 1, January 1, February 1, and March 1 of each fiscal year, one-twelfth (1/12) of the revised estimated allotment shall be paid to each school district; and (3) Determine, on or before March 1 of each year, the exact final amount of the common school funds to which each district is entitled for the fiscal year. The remainder of the amount due to each district for the fiscal year shall be distributed in equal installments on April 1, May 1, and June 1 of each fiscal year.