(a) There is established in the Treasury of the Virgin Islands a separate and distinct fund to be designated the “Virgin Islands Water and Power Authority Generating and Infrastructure Fund” (hereinafter, the “Fund”). The Commissioner of Finance shall provide for the administration of the Fund and no monies contained therein shall be available for expenditure or disbursement except as provided in this section.
(b) The Fund shall consist of all sums received under the fuel tax system established by Title 33 Virgin Islands Code, Chapter 5, Section 91, all sums appropriated thereto from time to time by the Legislature, funds raised by the issuance of bonds or other instruments, all gifts, grants, bequests or contributions, federal or local, as may be made to the Fund and which the Commissioner of Finance is authorized to accept and deposit therein. The funds shall remain available until expended.
(c) The Commissioner of Finance shall disburse monies in the Fund to the Virgin Islands Water and Power Authority on a quarterly basis. The Virgin Islands Water and Power Authority shall hold all monies disbursed under this subsection in a separate account to be used exclusively for:
(1) Funding new energy and power generating units and/or heat recovery steam generators which shall be energy efficient and have the ability to convert to natural gas for the St. Thomas/St. John District;
(2) Funding new energy and power generating units and/or heat recovery steam generators which shall be energy efficient and have the ability to convert to natural gas for the St. Croix District; and
(3) Assisting with the issuance of bonds for the Virgin Islands Water and Power Authority.
(d) The Commissioner of Finance shall maintain a record of all monies deposited into and disbursed from the Fund and shall submit semi-annual reports to the Legislature of the Virgin Islands on the status of the Fund.
(e) The Board of Directors of the Virgin Islands Water and Power Authority shall develop and submit to the Governor and the Legislature within ninety days of the effective day of this Act, an Integrated Resource Plan for the expenditure of funds from the Virgin Islands Water and Power Authority Generating and Infrastructure Fund. The cost of developing the Integrated Resource Plan shall be paid from the Virgin Islands Water and Power Authority Generating and Infrastructure Fund.