There is hereby created in the State Treasury a revolving fund for the Department of Emergency Management and Homeland Security, to be designated the “Emergency Management Assistance Compact and Rescue Out of State Deployments Revolving Fund”. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies deposited to the credit of the fund by law. All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the Department of Emergency Management and Homeland Security for the direct reimbursement of participating entities deployed through the Oklahoma Department of Emergency Management and Homeland Security that is consistent with the federal Emergency Management Assistance Compact Guidelines. Expenditures from the fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.