(a) There is established in the Treasury of the Virgin Islands, a special revolving fund to be designated the “Carnival and Festival Committee 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 Carnival and Festival Committees on each island.
(b) The Commissioner of Finance shall maintain a record of all monies deposited into the Carnival and Festival Committee Revolving Fund and shall annually report to the Governor and the 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 collected by the Police Department for special vendor placement permits and liquor licenses issued for annual Carnival, Christmas Festival, and Fourth of July Celebrations, which fees shall be deposited into the Fund.
(d) Monies in the Fund shall be disbursed by the Commissioner of Finance upon the authorization of the respective committees. The amount of monies disbursed to each carnival and festival committee shall represent the fees collected by the Police Department during carnival and festival activities in each island together with any other sums appropriated by the Legislature.