(A) Sales tax revenue derived pursuant to § 12-36-2620 from the tax on catalog sales which exceeds the total of revenue from such sales in fiscal year 1991-92 must be credited by the State Treasurer to the Mail Order Sales Tax Fund, which is separate and distinct from the general fund of the State. Revenues in this fund may not be used to supplant general fund appropriations for higher education, and must be appropriated according to the distribution formulas provided in subsections (B), (C), and (D).

(B) The first one hundred million dollars credited to the Mail Order Sales Tax Fund must be distributed as follows:

(1) sixty-five percent for higher education formula funding;

(2) five percent to public higher education institutions with teacher education programs according to a formula developed by the Commission on Higher Education;

(3) twenty percent to the Education Improvement Act Fund;

(4) ten percent for tuition grants as provided pursuant to Chapter 113 of this title.

(C) Amounts in excess of one hundred million dollars credited to the Mail Order Sales Tax Fund must be distributed as provided in subsection (B) with the exception of item (4) thereof, in which case the ten percent distribution must be for K-12 public school construction.

(D) At any time the higher education funding formula is fully funded, further distribution of that sixty-five percent share must be distributed as follows:

(1) sixty-five percent for K-12 public school construction;

(2) thirty-three and one-third percent for public higher education dedicated to academic equipment;

(3) one and two-thirds percent to the higher education tuition grants program under Chapter 113 of this title.