(a) There is established in the Treasury of the Virgin Islands a separate and distinct rainy day fund to be designated the Budget Stabilization Fund. The Commissioner of Finance shall provide for the administration of the Fund, and no monies contained therein are available for expenditure except as provided in this section.
(b) The Fund consists of:
(1) an annual appropriation of not less than $5,000,000; and
(2) 10% of any fiscal-year end surplus within the Treasury of the Virgin Islands.
(c) The Commissioner of Finance shall deposit the monies contained in the Fund in a separate, interest-bearing account pursuant to 33 V.I.C. § 3336. All interest gained on the monies deposited in the Fund must be expended solely for the same purposes as the principal monies deposited into the Fund.
(d) The Commissioner of Finance shall transfer funds from the Budget Stabilization Fund to the General Fund for the following purposes:
(1) to offset any deficit in the General Fund at the end of a fiscal year which occurs when the sum in the General Fund is less than the sums appropriated during a fiscal year;
(2) to offset a temporary shortfall in the General Fund caused by lagging revenue collections so as to avoid delay in the disbursement of funds appropriated by the Legislature;
(3) to provide emergency funding for disaster recovery in a state of emergency declared by the Governor; and
(e) The Commissioner of Finance shall disburse monies in the Fund upon the authorization and direction of the Director of the Office of Management and Budget. Any sums disbursed to offset a temporary shortfall must be repaid to Fund by the end of the fiscal year. The Commissioner of Finance and the Director of the Office of Management and Budget shall submit a report of any allocations, expenditures and obligations to the Governor and the Legislature within 60 days after disbursement.