(a) It is the intent of the Legislature and declared to be the policy of the Territory that funds to meet emergencies or major disasters shall always be available.
(b) A Disaster Contingency Fund (“DCF”) is established in the Treasury of the Virgin Islands which shall receive monies appropriated thereto by the Legislature and any federal grants or loans made available to the Virgin Islands in the event of major disaster or emergency. Local monies deposited into the DCF may also be used as matching funds for any federal grants under the Stafford Act.
(c) It is the legislative intent that for the purposes stated in this chapter the funds regularly appropriated to territorial agencies shall be utilized prior to the use of monies in the DCF. If the Governor finds that the demands placed upon these funds in coping with the particular emergency or major disaster are unreasonably great, he may make funds available from the Disaster Contingency Fund. If monies available from the Fund are insufficient, and if the Governor finds that other sources of money to cope with the emergency or major disaster are not available or are insufficient, the Governor may transfer and expend monies borrowed for a term not to exceed two years from the Federal Government, bond proceeds, or other Treasury sources.
(d) Notwithstanding any other provision of law to the contrary, the Governor is authorized to expend from any monies in the Disaster Contingency Fund such sums as he deems necessary to meet the expenses of public agencies directly associated with an emergency or major disaster to meet such expenses for such emergency or major disaster. The Governor shall not exercise any authority under this subsection until and unless he has declared in writing the nature of the emergency or major disaster. Within 60 days after exercising any authority under this subsection, the Governor shall notify the Legislature in writing of all expenses and obligations made pursuant to this subsection.
(e) The Governor may accept, on behalf of the Virgin Islands, for emergency management purposes, from the Federal Government or any agency (public or private), services, equipment, supplies, materials or funds by way of gift, loan or grant. Donated funds shall be deposited into the Disaster Contingency Fund. All federal funds received by VITEMA as reimbursement to said agency for expenditures, pursuant to appropriations from the General Fund shall be forwarded by the Director of VITEMA to the Commissioner of Finance for deposit into the General Fund. Funds being reimbursed to the Emergency Response and Management Fund shall be deposited into said fund.
(f) Nothing contained in this section shall be construed to limit the Governor's authority to apply for, administer and expend grants, gifts, or payments in aid of the prevention of, preparation for, response to, or recovery from emergencies and major disaster.