(a) There is hereby established a fund within the Treasury of the Virgin Islands to be known as the “Virgin Islands Historic District Reconstruction and Rehabilitation Revolving Fund”. The Commissioner of Finance shall maintain and provide for the administration of the fund as a separate and distinct fund in the Treasury, and no amounts therein shall be available for expenditure or disbursement except as provided in this section. All monies in the fund shall remain available until expended.
(b) The fund shall consist of all sums appropriated thereto from time to time by the Legislature and all public and private monetary grants, gifts, donations, bequests or devises to the fund and deposits made pursuant to Title 32, Chapter 21, Section 515, Virgin Islands Code.
(c) Monies in the fund shall be disbursed in the form of loans by the Commissioner of Finance at the direction of the Historic Preservation Commission, exclusively to qualified borrowers as approved by the Historic Preservation Commission for design, development and actual reconstruction of the structures and facilities within the two historic town districts on the island of St. Croix and historical districts in Charlotte Amalie on the island of St. Thomas. Eighty percent (80%) of the monies in the fund shall be used for the island district of St. Croix and twenty percent (20%) for the historical districts in St. Thomas. The interest rate on the loans shall be at a rate not more than 4% per annum and the maximum life of such loan shall be not more than 30 years.