(a) There is established in the Treasury of the Virgin Islands a special fund to be designated the Personalized License Plate Fund (hereinafter the “Fund”). The Commissioner of Finance shall maintain and provide for the administration of the Fund as a separate and distinct fund in the Treasury of the Virgin Islands and no monies shall be available for expenditure except as provided in this section.
(b) Monies deposited into the Fund shall be appropriated annually.
(1) The Commissioner of Finance shall disburse 50% of the Fund upon certification of the Commissioner of the Virgin Islands Police Department for the purpose of purchasing supplies, equipment and license plates and for capital improvements, personnel services and operating expenses for the Division of Motor Vehicles. For the specific purpose of purchasing license plates, the Virgin Islands Police Department shall be exempt from the procurement process established pursuant to Title 31, chapter 23, Virgin Islands Code, provided, however, that 50% of the funds collected pursuant to Title 20, Section 433, Virgin Islands Code, as added by Act No. 5997, shall be deposited into the fund.
(2) The remaining 50% of the Fund shall be deposited into the General Fund of the Government of the Virgin Islands.
(c) The Commissioner of Finance shall maintain a record of all monies deposited into and disbursed from the Fund and shall annually report to the Governor and the Legislature on the status of the Fund.