(A) The volunteer peace officers' dependents fund shall be maintained in the state treasury. All investment earnings of the fund shall be collected by the treasurer of state and placed to the credit of the fund.
(B) Each fund member shall pay to the treasurer of state, to the credit of the fund, an initial premium as follows:
(1) Each member with an assessed property valuation of less than seven million dollars, three hundred dollars;
(2) Each member with an assessed property valuation of seven million dollars but less than fourteen million dollars, three hundred fifty dollars;
(3) Each member with an assessed property valuation of fourteen million dollars but less than twenty-one million dollars, four hundred dollars;
(4) Each member with an assessed property valuation of twenty-one million dollars but less than twenty-eight million dollars, four hundred fifty dollars;
(5) Each member with an assessed property valuation of twenty-eight million dollars or over, five hundred dollars.