59.800.  Additional five dollar fee imposed, when, distribution — fund established, use of moneys — deficiency, effect of. — 1.  Beginning on July 1, 2001, notwithstanding any other condition precedent required by law to the recording of any instrument specified in subdivisions (1) and (2) of subsection 1 of section 59.330, an additional fee of five dollars shall be charged and collected by every recorder of deeds in this state on each instrument recorded.  The additional fee shall be distributed as follows:

  (1)  One dollar and twenty-five cents to the recorder's fund established under subsection 1 of section 59.319, provided, however, that all funds received under this section shall be used exclusively for the purchase, installation, upgrade and maintenance of modern technology necessary to operate the recorder's office in an efficient manner;

  (2)  One dollar and seventy-five cents to the county general revenue fund; and

  (3)  Two dollars to the fund established in subsection 2 of this section.

  2.  (1)  There is hereby established a revolving fund known as the "Statutory County Recorder's Fund", which shall receive funds paid to the recorders of deeds of the counties of this state under subdivision (3) of subsection 1 of this section.  The director of the department of revenue shall be custodian of the fund and shall make disbursements from the fund for the purpose of subsidizing the fees collected by counties that hereafter elect or have heretofore elected to separate the offices of clerk of the circuit court and recorder.  The subsidy shall consist of the total amount of moneys collected under subdivisions (1) and (2) of subsection 1 of this section subtracted from fifty-five thousand dollars, except under such circumstances where the annual average of funds collected under subsection 1 of this section during the previous three calendar years is^* insufficient to meet all obligations calculated in this subdivision.  In such cases the provisions of subdivision (2) of this subsection shall apply.  The moneys paid to qualifying counties under this subsection shall be deposited in the county general revenue fund.  For purposes of this section a "qualified county" is a county that hereafter elects or has heretofore elected to separate the offices of clerk of the circuit court and recorder and in which the office of the recorder of deeds collects less than fifty-five thousand dollars in fees under subdivisions (1) and (2) of subsection 1 of this section, on an annual basis.  Moneys in the statutory county recorder's fund shall not be considered state funds and shall be deemed nonstate funds.

  (2)  In the event funds collected under subdivision (3) of subsection 1 of this section are insufficient to meet the obligations set out in subdivision (1) of this subsection, the director of the department of revenue shall calculate the projected shortfall that would otherwise be incurred based on the formula outlined in subdivision (1) of this subsection.  If the fund balance is greater than the annual average disbursement from the fund during the previous three years, up to thirty-three percent of the amount that exceeds the annual three-year average to meet the obligation may be used to meet the obligations.  Should this amount be insufficient or unavailable to meet the shortfall, the director of the department of revenue shall set a new requisite amount to determine a qualified county under subdivision (1) of this subsection other than fifty-five thousand dollars, which reflects the revenue collected under subdivision (3) of subsection 1 of this section in addition to thirty-three percent of the excess fund balance.