(a) There is hereby created as a separate and distinct fund in the Treasury of the Virgin Islands the Water Purchases Revolving Fund. The Commissioner of Finance is authorized and directed to provide for the administration of the Fund as set forth in this section.
(b) The fund shall contain all monies which are appropriated for the purpose of paying the water supply charges of the Government of the United States Virgin Islands and any other sums as may be appropriated thereto.
(c) Monies deposited in the Fund shall be disbursed by the Commissioner of Finance for payment of water purchased by the Department of Public Works, for the payment of the costs of transporting water among the Virgin Islands and for payment of costs directly related thereto, for payments of principal and interest on any indebtedness for acquisition of water production equipment pursuant to any specific Agreement pertaining thereto and approved by law, for periodic payments for the operation, management, acquisition of spare parts, and insurance associated with water production equipment pursuant to any specific Agreement pertaining thereto and approved by law, for payments of fees and expenses of bond counsel associated with any indebtedness for acquisition of water production equipment pursuant to any specific Agreement pertaining thereto and approved by law, and for such other purposes as may be provided by law. Payments from the Fund for the purposes provided in this subsection shall be deemed appropriated for such purposes in each instance. Disbursements from the Fund shall at no time reduce the unobligated balance of the Fund below the sum of $25,000. The Commissioner of Finance shall transfer from the Fund to the Resource Recovery and Potable Water Revolving Fund established pursuant to the provisions of section 3055 of this chapter, on a monthly basis, monies in amounts sufficient to enable the Commissioner of Public Works to satisfy his contractual obligations to pay for potable water and its availability under any agreement entered into by the Commissioner of Public Works pursuant to the provisions of chapter 56A of Title 19, Virgin Islands Code, and approved as required by law.
(d) The Commissioner of Finance shall forward quarterly to the Legislature's Committee on Finance a detailed accounting of the expenditures from the Fund and the unobligated balance thereof.
(e) Monies deposited into the Fund in excess of the amounts required to meet current authorized expenditures from the Fund shall be invested in interest-bearing securities or accounts pursuant to the provisions of Title 33, section 3336 of this Code. Notwithstanding any other provision of law to the contrary, all earnings on such investments shall be credited to the Fund and shall be available for authorized expenditures from the Fund.