(a) Whenever the President has declared an emergency or major disaster, as defined by the Stafford Act to exist in this Territory, the Governor is authorized:
(1) Upon his determination that financial assistance is essential to meet necessary expenses or serious needs to individuals or families adversely affected by such emergency or major disaster, and related thereto, that cannot be otherwise adequately met from other means of assistance, to accept a grant by the federal government to fund such financial assistance, subject to such terms and conditions as may be imposed upon the grant.
(2) To enter into an agreement with the federal government or any officer or agency thereof, pledging the Government of the Virgin Islands to participate in the funding of the financial assistance authorized in paragraph (1) of this subsection, in an amount not to exceed 25 percent thereof and, if territorial funds are not otherwise available to the Governor, to accept an advance of the territorial share from the federal government to be repaid when the Government of the Virgin Islands is able to do so.
(b) All federal grants received pursuant to this section, and all local matching funds related thereto, shall be deposited in the General Disaster Relief Fund created by title 33, section 3041, Virgin Islands Code, and shall be disbursed therefrom in accordance with that section.