(a) There is hereby established as a separate fund within the Treasury of the Virgin Islands the “Community Action Agency Revolving Fund” which shall be used for the purpose of funding delegate agencies pending receipt of Federal grants.
(b) The Fund shall consist of such sums as may be appropriated from time to time to the Community Services Administration by the Legislature and which are specifically designated for deposit in the Fund.
(c) Monies shall be disbursed by the Commissioner of Finance from the Fund upon authorization by the Executive Director of the Community Services Administration. The Commissioner of Finance, upon authorization by the Director, shall transfer to the Fund such amounts as may be subsequently received as Federal grants representing prior advances to delegate agencies.