(a) There is established in the Treasury of the Virgin Islands a special revolving fund to be designated the “Disaster Recovery 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 as authorized herein.
(b) The Commissioner of Finance shall maintain a record of all monies deposited into and expended from the 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 annually, all amounts remaining from each year's appropriation for disaster recovery, and all gifts, grants, bequests or contributions as may be made to the fund.
(d) Monies shall be disbursed from the fund by the Commissioner of Finance upon certification by the Director of the Office of Management and Budget specifically to fund costs associated with protecting the Territory before, during and after a disaster and/or other natural emergency and for recovery and mitigation efforts related thereto.
(e) The Commissioner of Finance at his discretion may deposit a portion of monies contained in the fund in interest bearing accounts from time to time within the limitations of law. All interest earned thereon shall also be deposited into the fund.