(a) There is hereby established in the Treasury of the Virgin Islands a special fund to be designated the Bureau of Motor Vehicles Fund. The Commissioner of Finance shall maintain and provide for the administration of the Fund as a separate and distinct fund in the Treasury of the Virgin Islands, and no money shall be available for expenditure there from except as provided in this section.
(b) Notwithstanding any other law to the contrary, the Fund shall consist of all monies received as fees collected by the Bureau of Motor Vehicles under the provisions of title 20 Virgin Islands Code, chapter 39, and any sums appropriated thereto by the Legislature of the Virgin Islands.
(c) Monies deposited into the Fund shall be disbursed annually as follows:
(1) Upon certification of the Director of Motor Vehicles, the Commissioner of Finance shall disburse the greater of 10% of the Fund or $1,000,000 for the purchasing of supplies, equipment and personnel services and for operating expenses of the Bureau of Motor Vehicles.
(2) The remaining monies in the Fund shall be deposited into the General Fund of the Treasury of the Virgin Islands.
(d) The Commissioner of Finance and the Director of Motor Vehicles shall maintain a record of all monies deposited into and disbursed from the Fund and shall annually report to the Governor and the Legislature on the status of the Fund.