(a) There is established in the Treasury of the Virgin Islands a special fund to be designated the “Land Bank Fund”. The Commissioner of Finance is directed to maintain and provide for the administration of the said special fund as a separate and distinct fund in the Treasury, and no funds therein shall be available for expenditure except as provided in this section.
(b) The Land Bank Fund shall be constituted of:
(c) Monies pertaining to the Land Bank Fund shall be available for purchases, authorized by law, of real property (including improvements thereon) for purposes of public housing, outdoor recreation, conservation, or any other public uses or purposes; Provided, That the Governor, subject to the approval of the Legislature if in session, or of the Committee on Finance of the Legislature when the Legislature is not in session, may direct the disbursement of monies in the Land Bank Fund in connection with option agreements for the purchase of real property.
(d) The Executive Director of the Virgin Islands Housing Finance Authority, the Commissioners of Planning and Natural Resources, and of Property and Procurement, and all the heads of all other departments and agencies of the Government shall regularly report and advise the Governor and the Legislature with respect to the acquisition of land in implementation of the purposes of this section.
(e) There are authorized to be appropriated in each fiscal year such sums as may be necessary for government acquisition of land. The monies so appropriated may be used for downpayments on parcels of land with the remainder of the purchase price to be paid in succeeding fiscal years.
(f) There is established within the Land Bank Fund, a separate account to be designated the “Scenic View Site Account” (hereinafter referred to as the “Account”). The Commissioner of Finance shall maintain and provide for the administration of the account as a separate and distinct account within the Land Bank Fund and no monies shall be available for expenditure except as provided by this section.
(1) The Account shall be used for the purpose of purchasing sites designated by the Governor of the Virgin Islands as potential scenic overlooks and traffic pullouts.
(2) No monies shall be expended from the Account except pursuant to a lawful appropriation by the Legislature of the Virgin Islands.
(3) The Governor of the Virgin Islands is authorized and directed to identify potential scenic overlooks and traffic pullouts at appropriate locations in the United States Virgin Islands, in consultation with community organizations and associations such as the taxicab associations.
(g) There is established within the Land Bank Fund, a separate account designated the “Beach Public Access Account”. The Commissioner of Finance shall maintain and provide for the administration of the account as a separate and distinct account within the Land Bank Fund, and no monies in the account are available for expenditure except as provided by this subsection.
(1) The Department of Planning and Natural Resources in conjunction with the Department of Property and Procurement shall use the Beach Public Access Account to acquire by purchase, agreement, or donation or by exercise of eminent domain, real property or any right or interest in real property necessary for providing public access to beaches and other shoreline areas.
(2) Monies may be expended from the Beach Access Account only pursuant to an appropriation by the Legislature of the Virgin Islands.
(3) The Department of Planning and Natural Resources shall identify potential beach access areas and report the need for public access to beaches and other shoreline areas to the Governor and the Legislature.