The state librarian shall annually on September 1 cause the State Treasurer to pay to each qualifying library out of the urban libraries fund, to the extent that funds are available, the sums computed as follows:
(1) The sum of twenty-five cents ($0.25) for each resident of the county containing a qualifying library based on the then current census of such county supplied by the Bureau of Census, United States Department of Commerce; and (2) The remainder of available funds shall be divided equally between each qualifying library as defined by KRS 173.850.