The Commissioner of Veterans Affairs in conjunction with the Adjutant General shall award a ribbon and medal to each (1) veteran who either (A) was a resident of this state at the time he or she was called to active duty for service in time of war, or (B) is domiciled in this state on the date of such award, and (2) former member of any reserve component of the armed forces who was honorably discharged who either (A) was a resident of this state at the time he or she was serving in such reserve component during a period of war, or (B) is domiciled in this state on the date of such award. The commissioner in conjunction with the Adjutant General shall adopt regulations, in accordance with chapter 54, setting forth the process for designing the ribbon and medal, identifying such veterans and former members who are eligible for the ribbon and medal under this section and establishing procedures for distributing the ribbon and medal to each such eligible veteran and former member. The cost of the ribbons and medals shall be paid from the funds appropriated to the military assistance account within the Military Department. Within existing budgetary resources, awards under this section may be made posthumously for veterans who died on or after November 12, 1918. As used in this section, “veteran”, “service in time of war” and “period of war” have the same meanings as provided in subsection (a) of § 27-103.