(a) There is established a separate and distinct fund in the Treasury of the Government of the Virgin Islands to be designated as the “Virgin Islands Public High Schools Site Based Management Fund” (hereinafter the “Fund”). The Commissioner of Finance shall provide for the administration of the Fund as separate and apart from all other funds of the Government. No money in the Fund shall be available for expenditure except as provided in this section.
(b) The Fund shall consist of funds appropriated thereto by the Legislature and all public and private grants, gifts, donations, bequests and devises.
(c) The Commissioner of Finance, upon authorization of the Commissioner of Education shall disburse funds for the sole purpose of effectuating site-based management in accordance with the National Middle States Association of Colleges and Schools Standards and as provided under title 17, section 60b of this code.