(a) There is established in the Treasury of the Virgin Islands a special fund designated the “Wireless Revolving Fund” (the “Fund”).
(b) The Commissioner of Finance shall administer the Fund as a separate and distinct fund, and no monies from the Fund are available for expenditure, except as provided in this section.
(c) The Fund consists of all:
(1) Sums appropriated from time to time by the Legislature;
(2) Public and private grants, gifts, donations, bequests of money made to it; and
(3) Application and permit fees, penalties, and other appropriate fees and charges related to regulation of Wireless Facilities and Wireless Support Structures pursuant to Title 29 Virgin Islands Code, Section 294a, and associated regulations.
(d) Monies in the Fund do not lapse at the end of the fiscal year, and are disbursed from the Fund by the Commissioner of Finance, upon authorization and direction of the Commissioner of Planning and Natural Resources, for administrative expenses, personnel expenses and equipment cost, and all reasonable, direct, and indirect, costs required to implement and support the permit program requirements implemented by the Commissioner pursuant to Title 29 Virgin Islands Code, section 294a, and the associated regulations.
(e) The Commissioner of Finance shall maintain a record of all monies deposited into and disbursed from the Fund and shall annually report to the Governor and the Legislature, as well as the Commissioner of Planning and Natural Resources, as to the status of the Fund.