There is hereby created and established in the Treasury of the Virgin Islands a special fund to be known as the Emile Griffith Memorial Fund. The Commissioner of Finance shall maintain and provide for the administration of the Fund as a separate and distinct fund in the treasury and no monies shall be available for expenditure except upon authorization the Department of Planning and Natural Resources in conjunction with the Virgin Islands Council on the Arts. The Fund shall consist of donations of any kind and appropriations made by the Legislature. Monies from the fund shall be used exclusively for the maintenance of the Emile Griffith Ball Park and such projects that the Virgin Islands Council on the Arts considers pertinent to the recognition and remembrance of the legacy of Emile Griffith.