(a) There is established a separate and distinct fund within the Treasury of the Government of the Virgin Islands to be designated and known as the “Peace Officer Training Fund” (hereinafter the “Fund”).
(b) The Fund shall consist of all sums appropriated thereto from time to time by the Legislature, all monies received by the Government pursuant to title 5, section 3504, of this code and two dollars of the fees collected under title 20, section 433, subsection (a) of this code, and all gifts, contributions and bequests of all monies made thereto.
(c) Monies deposited in the Fund shall be disbursed by the Commissioner of Finance, upon warrant of the Peace Officer Standards and Training Council, exclusively for the following purposes:
(1) Training of peace officers within the territory in a prescribed curriculum approved by the Council;
(2) salaries, costs and expenses relating to such training as provided in Item (1) of this subsection; and
(3) such capital expenditures as the Council may provide for the acquisition, construction and/or improvement of a training academy.