The State Treasurer shall apportion the income derived from the “Section Thirteen Fund State Educational Institutions” among the educational institutions entitled thereto, in accordance with the division and distribution made in Section 1, of Article 11, Chapter 34, Session Laws of 1907-1908, entitled “An Act to provide for the division and distribution of the income, rentals, interest, and proceeds from certain lands among certain educational institutions, and making appropriations of such fund in pursuance thereof, designating a name by which such fund shall hereafter be known, and declaring an emergency”; and shall likewise apportion the income derived from the “New College Fund” to the educational institutions entitled thereto, in accordance with Section 1, Article 5, Chapter 28, Session Laws of 1909, entitled “An Act to provide for making available to various educational institutions the income, interest, rentals, and proceeds from certain lands, and making appropriations of such funds; designating a name by which such fund shall hereafter be known and declaring an emergency”. The Director of the Office of Management and Enterprise Services shall notify the chairman of the board having control of each of said educational institutions, and the president of each of said institutions, of the amount apportioned to it. The amount so apportioned to each educational institution shall, immediately after each successive apportionment, become available and are hereby appropriated for the use of the respective institutions, and shall be paid out in accordance with the law.