(a) There is hereby established as a separate and distinct fund within the Treasury of the Virgin Islands a special fund to be designated the Homeowners' Electrical Relief Fund.
(b) The Commissioner of Finance shall disburse monies from the Homeowners' Electrical Relief Fund upon authorization of the Chairman of the Homeowners' Electrical Relief Oversight Committee for the purpose of providing payment to repairmen who have corrected electrical deficiencies in private residences in the localities of Tutu-Anna's Retreat, Nadir and Bordeaux in St. Thomas, and in Strawberry, Sion Farm, Campo Rico, and Mon Bijou, St. Croix, and in such other localities as designated by the Homeowners' Electrical Relief Oversight Committee.
(c) The Commissioner of Finance shall maintain a detailed accounting record of all monies deposited into and disbursed from the Fund and he shall submit quarterly reports on the financial status of the Fund to the Governor and the Legislature, which reports shall include the amount of each disbursement from the Fund together with the name and address of the person or business concern to whom each disbursement was made.
(d) The Governor is hereby authorized and directed to appoint a Homeowners' Electrical Relief Oversight Committee to evaluate and process all claims submitted for payment from the Homeowners' Electrical Relief Fund. The Committee shall consist of five members, of whom the Commissioner of Public Works or his designee shall be a member and the remaining members shall include a licensed electrician, a licensed contractor, and two homeowners from the designated localities whose residences have electrical deficiencies.
(e) Within fifteen (15) days after the date of enactment of this section, the Governor or a member designated by him shall call together the members of the Committee to elect a chairperson. A quorum of three members is required for the transaction of all business.
(f) Members of the Committee who are not employed by the Government shall be compensated at the rate of $30 per day for each day or part thereof spent in the work of the Committee.
(g) The Committee is specifically empowered to make rules and regulations pertinent to application procedures and eligibility requirements for homeowners submitting claims pursuant to the provisions of this section; Provided, however, That the Committee shall (1) establish a ceiling of $4,000 for electrical repairs per homeowner; (2) require the inspection of the homeowner's residence by the V.I. Fire Service, with a written report of such inspection to accompany the homeowner's application; (3) arrange for and authorize payments of grants by the Commissioner of Finance to the repairman in lieu of the homeowners; and (4) require from a repairman claiming payment itemized bills documenting charges for labor, whether on an hourly, daily or flat fee basis, expenditures for purchases, and all other documents as the Committee may consider necessary and proper for verifying and determining the exact amount of each and every claim submitted for payment under the provisions of this section.
(h) All rules and regulations established by the Committee shall be submitted to the Legislature and if not disapproved by the Legislature within thirty (30) days from the date submitted such rules and regulations shall become effective.