(a) There is hereby created as a separate and distinct fund in the Treasury of the Virgin Islands the St. John Capital Improvements Fund. All monies deposited in such fund shall be appropriated by law exclusively for capital improvements projects, road maintenance, and for the maintenance and operation of the sewage system on the island of St. John, and such monies shall remain available until expended for the purposes for which they are appropriated.
(b) All payments made by the Government of the United States to the Government of the United States Virgin Islands in any fiscal year as payments in lieu of taxes on property owned by the Government of the United States shall be deposited in the St. John Capital Improvements Fund.
(c) In each fiscal year, from the amounts collected by the Government of the United States Virgin Islands as taxes on real property, there is authorized to be deposited in the St. John Capital Improvements Fund not less than $1.5 million.