(a) There is created in the Treasury of the Virgin Islands a separate and distinct fund designated as the Public School Construction and Renovation Fund (“the 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 for in this section.
(b) The Fund consists of all sums appropriated to it from time to time by the Legislature, and all gifts, contributions and bequests of all monies made thereto, all of which remain available until expended for the completion of the project for which the appropriation, gift, contribution or bequest was intended, whichever event occurs first.
(c) The Commissioner of Finance shall deposit the monies contained in the Fund in interest earning accounts pursuant to chapter 117 of this title. The interest earned on the monies on deposit in the Fund must also be deposited in the Fund. The Commissioner of Finance shall maintain, within the Fund, separate accounts for monies deposited into and disbursed from the Fund for each independent project or purpose.
(d) The Commissioner of Finance shall disburse monies from the Fund upon authorization of the Commissioner of Education specifically for constructing, renovating, refurbishing or equipping of public school facilities and any related expenses.
(e) The Commissioner of Finance shall maintain a detailed accounting record of all monies deposited into and disbursed from the Fund and shall submit quarterly reports to the Governor and the Legislature on the status of said Fund.