(a)  Should any state fund be the recipient of contributions, either by the matching of state funds or by a general donation to state funds, and the payment of money into the general fund should cause the fund to lose federal assistance, the governor shall certify to the state treasurer that the fund is for that reason exempt from the force and effect of § 35-4-20 — § 35-4-20.3.

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(b)  Should it be determined by the director of administration that, by reason of payments already made into the general fund by any fund under this chapter, the fund is subject to the loss of federal assistance, then the governor shall certify to the state treasurer that the fund is exempt from the provisions of § 35-4-20 — § 35-4-20.3, and the state treasurer shall thereupon refund and pay over to the fund any amount or amounts previously paid into the general fund by that fund.