(a) The proceeds derived from the sale of bonds issued under the authority of §§ 5-3-122 — 5-3-125 shall be deposited in a special fund to be used by the state consolidation committee for use as described in subsection (b).
(b)
(1) Within sixty (60) days after an entire county has consolidated with any other county, according to law, the state consolidation committee shall make a grant out of the proceeds of state bonds as described in subsection (a), to both the absorbed county and the absorbing county.
(2) This grant shall be made, not to exceed fifty thousand dollars ($50,000) each, both to the absorbing county and absorbed county.
(3) In the event that a portion of any county is absorbed by another county, the state consolidation committee shall make a grant, which shall be computed as follows: The amount of money to be granted for the portion of the absorbed county shall be that proportion of fifty thousand dollars ($50,000) that the amount of the assessed valuation being absorbed bears to the total taxable valuation of the whole county, a portion of which is being absorbed.
(4) In the event that only a portion of a county is absorbed by another county, the state consolidation committee shall grant as much money to the absorbing county as is granted to the absorbed county.
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