(a) There is established in the Treasury of the Government of the Virgin Islands a separate and distinct fund designated as “The Office of the Tax Assessor's Revolving Fund.” The Commissioner of Finance shall provide for the administration of the Fund, and no monies shall be available for expenditure from the Fund except as provided by this section.
(b) The Fund shall consist of one percent of the real property taxes collected annually by the Tax Assessor or an amount not to exceed $500,000 per annum and one percent of all real property taxes collected when two or more real property tax bills are issued in one calendar year, beginning with the calendar year 2007, and such sums as may be appropriated from time to time by the Legislature, all of which shall remain available until expended.
(c) Monies shall be disbursed from the Fund by the Commissioner of Finance upon the authorization of the Tax Assessor, for the purpose of purchasing and maintaining data processing equipment, for staffing and training of personnel, and for the purchase and procurement of such other necessary supplies, equipment and professional services as may be determined to be necessary by the Tax Assessor for maintaining and improving the Office of the Tax Assessor.
(d) The Commissioner of Finance 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.