(a) There is established in the Treasury of the Virgin Islands a special revolving fund to be designated the “Public Services Commission Revolving Fund”. The Commissioner of Finance shall provide for the administration of the Fund as a separate and distinct fund in the treasury and all monies therein shall be used exclusively to pay the necessary and proper expenses of the Commission.
(b) The Commissioner of Finance shall maintain a record of all monies deposited into the Public Services Commission Revolving Fund and shall annually report to the Governor and Legislature on the status of the Fund.
(c) The Fund shall consist of all sums appropriated thereto by the Legislature and all fees which are derived from annual assessments of utilities up to the ceiling amount established in Title 30, section 25a, subsection (b), Virgin Islands Code, which fees shall be deposited into the Fund. All monies contained in the Fund shall constitute the annual budget of the Commission.”