The State Treasurer shall pay over the amount collected upon the premiums of the insurance business required to be reported under the provisions of § 38-7-70 to the treasurers of the counties to which the premiums are allocated under the provisions of § 38-7-70 in the respective portions resulting from the allocations. All monies so collected must be set apart and equitably used by each of the treasurers solely and entirely for the betterment and maintenance of skilled and efficient fire departments within the county.