Commencing with the federal funds received by the State of Arkansas under the provisions of the State and Local Fiscal Assistance Act of 1972, Public Law 92-512, as amended, commonly and hereinafter referred to as “federal revenue-sharing funds”, all federal revenue sharing funds received each fiscal year by the State of Arkansas for the use and benefit of the State of Arkansas shall be transferred to and allocated to a special trust fund to be established in the State Highway and Transportation Department Fund, to be known as the Federal Revenue Sharing State Highway Trust Fund Account, to be set aside and used by the State Highway Commission solely and exclusively for construction of highways on the state highway system and the state aid street system. All funds shall be administered and the controls and accounting thereof shall be in accordance with the provisions of the State and Local Fiscal Assistance Act of 1972, Public Law 92-512, as amended, and all regulations promulgated thereunder, and in accordance with the laws of this state governing the advertising and awarding contracts for, and payment of, construction contracts to be awarded by the commission.