(a) There is established in the Treasury of the Virgin Islands a fund to be known as the Vocational School Building Fund. The Commissioner of Finance shall provide for the administration of the fund as a separate and distinct fund in the Treasury of the Virgin Islands and no amounts therein shall be available for expenditure or disbursement except as provided in this section.
(b) The fund shall consist of all sums received from Hess Oil Virgin Islands Corporation Restated Second Extension Agreement for the construction of a Vocational School; public or private monetary grants, gifts, donations, bequests or devises; and all sums appropriated thereto, from time to time, by the Legislature of the Virgin Islands.
(c) The Commissioner of Finance shall deposit the monies contained in the fund in interest earning accounts pursuant to chapter 117 of this title. The interest earned on the monies on deposit in the fund shall also be deposited into the fund.
(d) The Commissioner of Finance shall disburse monies from the fund upon authorization of the Commissioner of Education specifically for construction and related expenses of the Vocational School.
(e) The Commissioner of Finance shall maintain a detailed accounting record of all monies deposited into and disbursed from the fund and shall submit to the Governor and the Legislature annually, at the close of the fiscal year, a report on the financial status of the fund.