(a) There is created and established in the Treasury of the Virgin Islands a special fund to be designated the Retirement System Mortgage Loan Fund. The Commissioner of Finance shall maintain and provide for the administration of said Fund as a separate and distinct fund in the Treasury, and no funds shall be available for expenditure except as provided by law.
(b) There is authorized to be appropriated to the Retirement System Mortgage Loan Fund such sums each year as are determined necessary by the Legislature upon recommendation by the Director of Personnel for restoration of losses to the Retirement System as provided for by section 717(9)(i) of Title 3, as amended.
(c) Monies shall be disbursed from the Retirement System Mortgage Loan Fund to the Retirement System by the Commissioner of Finance at the discretion of the Board of Trustees of the Employees Retirement System of the Government of the United States Virgin Islands under authority granted by section 717(9)(i) of Title 3, as amended.