The county legislative body or other governing body of the county shall appropriate from the funds of the county, an amount annually which shall be sufficient to pay the county’s portion of such insurance premiums. These amounts shall be remitted periodically as required to the county trustee, and shall be deposited in a fund to be known as the “county insurance fund.” The amounts deducted from the salaries of participating county employees and officials shall also be deposited to the county insurance fund within three (3) days after the amount has been deducted, and from this fund, the cost of the insurance program shall be paid upon a warrant drawn by the county mayor.