(a) The E-Rate Reimbursement Trust Fund is established in the Treasury of the Virgin Islands as a non-lapsing fund, separate and apart from all other funds of the Government of the Virgin Islands, held by the Commissioner of Finance, as trustee in trust for the Department of Education. The Commissioner of Finance shall administer the Fund, and no monies in the Fund are available for expenditure except as provided in this section.
(b) The Fund consists of all monies deposited into it from reimbursements from Innovative Telephone for prepaid telephone services under the E-Rate Program, public or private monetary grants, gifts, donations, bequests, devises, and all sums appropriated from time to time, by the Legislature of the Virgin Islands.
(c) The Commissioner of Finance upon authorization of the Commissioner of Education shall disburse monies exclusively for technology purchases in connection with the E-Rate Program, including the purchase of supplies, equipment and services in furtherance of the Department of Education’s goals to provide discounted telecommunications services to all schools and implementation of the federally approved Territory Technology Plans.