(a) There is established in the Treasury of the Virgin Islands a special revolving fund designated the “Office of the Recorder of Deeds Fund”.
(b) The Commissioner of Finance shall provide for the administration of the Fund, as a separate and distinct fund, and no monies shall be available for expenditure except as provided by this section.
(c) The Fund consists of:
(1) All sums appropriated from time to time by the Legislature;
(2) All fees collected by the Recorder of Deeds; and
(d) The monies in the Fund shall remain available until expended; except that, whenever the balance of the Office of the Recorder of Deeds Fund equals or exceeds $200,000, the Commissioner of Finance shall deposit any amounts over $200,000 into the General Fund.
(e) The Commissioner of Finance shall disburse all monies pertaining to the Fund, upon the authorization of the Lieutenant Governor, exclusively for disaster recovery, data warehousing, providing public access via the internet, the purchase and maintenance of software, hardware, and licensing agreements, the hiring and training of personnel and for the procurement of such other supplies, equipment, and professional services as the Lieutenant Governor determines to be necessary for maintaining and improving the Recorder of Deeds Office.
(f) The Commissioner of the Department of Finance shall maintain a record of all monies deposited into and disbursed from the Office of the Recorder of Deeds Fund and shall submit an annual report on the financial status of the Fund to the Governor and the Legislature.