(a) There is hereby established in the Treasury of the Virgin Islands, a special revolving fund to be designated and referred to as the Pharmaceutical Insurance Fund. The Commissioner of Finance shall provide for the administration of such fund as a separate and distinct fund in the Treasury; and no amounts shall be available for expenditure or disbursement except as provided for in this section.
(b) The Pharmaceutical Insurance Fund shall consist of:
(1) all sums appropriated thereto from time to time by the Legislature;
(2) amounts withheld from employees and retired employees under the provisions of subchapter VIII of chapter 25 of Title 3 of this Code;
(3) income derived from any dividends, premiums, rate, adjustments or other refunds under any contract or contracts for medical insurance pursuant to the provisions of subchapter VIII of chapter 25 of Title 3 of this Code; which income shall be retained in the fund as a special reserve for adverse fluctuation in future charges under any such contract or contracts.
(c) Money shall be disbursed from the Pharmaceutical Insurance Fund by the Commissioner of Finance upon authorization of the Chairman of the Health Insurance Board of Trustees for the purpose of paying pharmaceutical insurance invoices/bills under the Pharmaceutical Plan Card System.