(a) Upon his determination that the Government of the Virgin Islands will suffer a substantial loss of tax and other revenues from a major disaster and has a need for financial assistance to perform its governmental functions, to apply to the federal government or non-governmental financial institutions, on behalf of the Government of the Virgin Islands, for a loan; and to receive and disburse the proceeds of any approved loan.
(b) To determine the amount needed by the Government of the Virgin Islands to restore or resume its governmental functions, and to certify the same to the federal government or non-governmental financial institutions.