On July 1, 1985, the director of accounts and reports shall transfer all moneys in the federal revenue sharing fund to the state general fund. All moneys constituting unencumbered balances in accounts in the federal revenue sharing fund on such date shall at the time of transfer be credited to comparable accounts in the state general fund which shall be created by the director of accounts and reports for such purpose. All moneys in the accounts so created are hereby reappropriated for the purposes for which they were originally appropriated from the federal revenue sharing fund. On July 1, 1985, all liabilities of the federal revenue sharing fund are hereby imposed on the state general fund and the federal revenue sharing fund is hereby abolished.