(a) There is hereby established in the Treasury of the Government of the Virgin Islands, a special fund to be designated as the “Education Maintenance Fund”. The fund shall consist of one-hundred percent of the monies collected under subsection (b) of this section, any funding appropriated thereto from time to time by the Legislature and all gifts, contributions, and requests made thereto. All contributions to the fund shall remain available until expended from the purposes enumerated under this section.
(b) The Commissioner of Finance shall deposit $1.75 out of every $3.75 of the fees collected under Title 20, Virgin Islands Code, section 425 into the Education Maintenance Fund only upon completion of all of the capital improvement projects listed therein.
(c) Monies shall be disbursed from the fund by the Commissioner of Finance upon the authorization of the Commissioner of Education. Monies appropriated under this act shall not be used for any purpose other than the construction, maintenance and/or rehabilitation of all Virgin Islands public schools.