(a) If the United States Congress appropriates funds for the benefit of the state or a state agency or if any federal funds are paid to the state or an agency thereof for the purpose of reimbursing the state for funds previously paid out, and if any such federal funds are deposited into the State Treasury and there is no law providing for the depositing of those moneys into a state fund or appropriating them from a state fund, taking into consideration the provisions and requirements of the miscellaneous federal grant appropriation, then the Chief Fiscal Officer of the State may direct the State Treasury to establish funds, fund accounts, or accounts on the books of the various fiscal officers of the state for the purpose of handling and disbursing these federal funds.
(b) Any such federal funds shall be handled only in accordance with the purpose for which the funds were granted to, or paid over to, the state or any agency thereof. All such federal funds are subject to the procedures prescribed by the Chief Fiscal Officer of the State for the disbursement of funds.