(a) There is hereby established as a separate fund within the Treasury of the Virgin Islands the Libraries, Archives and Museums Revolving Fund which shall be composed of the following:
(1) fines collected by the Office of Libraries and Archives of the Department of Planning and Natural Resources (hereinafter Office) on overdue books or other material taken on loan;
(2) reimbursement to the Office for lost or damaged library or museum materials;
(3) charges by the Office for microfilming and photoduplicating services performed for members of the general public or governmental agencies;
(4) public or private monetary grants, gifts, donations, bequests or devises to the libraries, museums and archeological services within the Office's jurisdiction;
(5) proceeds from sales at commercial outlet operated at and by such libraries and museums;
(6) a portion of the proceeds, to be agreed upon by the Director of the Office and the gift shop operators, from sales at private gift shops operated on the premises of such libraries and museums; and
(7) all sums appropriated thereto, from time to time, by the Legislature of the Virgin Islands.
(b) Monies shall be disbursed by the Commissioner of Finance from the Libraries and Museums Revolving Fund only upon the authorization of the Director of the Office, and may be expended by the Director of the Office only for the following purposes:
(1) to purchase, lease, rent, publish or otherwise acquire library books, museum objects and other library or museum materials, including but not limited to periodicals, microfilm, films, recordings, equipment, and supplies;
(2) to purchase equipment and materials for the microfilm and photoduplication laboratory operated by the Office;
(3) to establish and operate museum and library gift shops to sell to visitors items including, but not limited to, publications about local history, photographic reproductions of historical documents, postcards and souvenir objects; and
(4) to match federal funds for library, museum and archeological acquisitions and projects.
(5) to pay operating expenses of the Office of Libraries and Archives.
(c) The Director of the Office shall file with the Commissioner of Planning and Natural Resources, the Governor, and the Finance Committee of the Legislature a comprehensive report of the income and expenditures of the Libraries and Museums Revolving Fund on a quarterly basis.