(1) A fund in the custodial fund type of the state treasury is created, to be known as the state payroll custodial fund. The fund may be utilized for the payment of compensation to officers and employees of the state and all amounts withheld from compensation, pursuant to law.
(2) The amount to be disbursed from the state payroll custodial fund at any time must be determined by the department of administration and, on order of the department, must be transferred from the fund, account, and appropriation properly chargeable to the state payroll custodial fund.