There is hereby created in the State Treasury, the Oklahoma Employees Insurance and Benefits Clearing Fund. The monies paid to the Oklahoma Employees Insurance and Benefits Clearing Fund pursuant to Section 1310 of this title shall be distributed as follows:
1. The first Thirty-one Million Five Hundred Thousand Dollars ($31,500,000.00) received after July 1, 1991, during the fiscal year beginning July 1, 1996, shall be distributed to the Oklahoma State Regents for Higher Education; and 2. The balance thereof shall be distributed to and deposited in the appropriate reserve fund as directed by the Oklahoma Health Care Authority.