(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the “Workers' Compensation Revolving Fund”.
(b) The Workers' Compensation Revolving Fund shall consist of employer workers' compensation benefits contributions made under § 11-17-305 and temporary loans from the Budget Stabilization Trust Fund received under § 11-17-307.
(c) The Workers' Compensation Revolving Fund shall be used to pay workers' compensation benefits awarded to state employees by the Workers' Compensation Commission and for such other purposes as may be authorized by law.