The enumeration of the money or trust funds set forth in § 35-4-20 shall not prohibit the applicability thereto of § 35-4-20.3 should the director of administration determine that for the reasons mentioned in § 35-4-20.2 the money or trust funds should be exempt, as it is the purpose of this chapter to exempt all trust funds from force and effect of § 35-4-20 where, by the operation of this chapter, federal matching funds or contributions to any trust fund would be lost by the state when contribution is to be made. The deduction hereby required shall be paid into the general fund by the state treasurer semiannually in July and January of each year and when so paid into the general fund shall thereupon become a part of that fund to be accounted for and disbursed as provided by law with respect to the general fund.