(a) There is established in the Treasury of the Government of the Virgin Islands the Economic Stabilization Trust Fund (“The Fund”). The Fund is perpetual and held in trust for the Government of the Virgin Islands and the public purposes enumerated in subsection (e) of this section.
(b) The Fund consists of proceeds of tax anticipation notes, property taxes pledged under a tax anticipation note, and appropriations made by the legislature from time to time.
(c) Notwithstanding any other law, the Commissioner of Finance shall deposit into the Fund not less than five million dollars or more than eight million dollars from any of the proceeds of tax anticipation note.
(d) At the end of any fiscal year, all unexpended and unencumbered moneys in the Fund shall remain in the Fund and may not be credited or transferred to the General Fund or any other fund, except for any purpose enumerated in subsection (e).
(e) All moneys in the Fund shall be subject to appropriation by the Legislature of the Virgin Islands for:
(1) adjustments to budget shortfalls;
(2) emergency appropriations;
(3) public health and safety;
(4) infrastructure enhancement and maintenance;
(5) payment of principal and interest on tax anticipation notes; and
(6) such other public purposes as authorized by the law.
(f) The Governor shall submit with the executive budget request each fiscal year a list and description of programs the Governor recommends to be funded from the Fund.
(g) The Commissioner of Finance shall report quarterly to the Legislature on the status of the Economic Stabilization Trust Fund.