(a) Every person who rents a drive-yourself car in the Virgin Islands shall pay a $3.75-per day surcharge for each rental. Notwithstanding any other provision of law, the $3.75-per day surcharge shall not be adjusted for a period of five years after enactment.
(b) The licensee shall indicate the amount of the surcharge as a separate item on the statement or charges given to the person who rents a drive-yourself car. The licensee shall be responsible for making the reports and payments at such intervals as the Director of the Bureau of Internal Revenue requires.
(c) Chapter, sections 45 (penalty for failure to report or pay taxes; arbitrary assessment by the Director; waiver of penalties), 48 (taxpayers' records) and 53(a) (penalties) of this title shall apply to the regulation of the motor vehicle rental surcharge and tax under this chapter.
(d) The Director of the Bureau of Internal Revenue shall cover $2.00 of the amounts collected under this section into the Virgin Islands Education Initiative Fund established under Title 33, section 3093, Virgin Islands Code and $1.75 of the amounts collected to the Education Maintenance Fund established under Title 33 Virgin Islands Code, section 3092a.
(e) Notwithstanding the provisions of Subsection (d) of this section, of the funds collected, $2.00 out of each $3.75 charge shall be allocated to the Virgin Islands Education Initiative Fund established under Title 33 Virgin Islands Code, section 3093, and the remaining $1.75 shall be allocated to the Department of Public Works for the completion of the capital projects listed herein.
(f) Upon completion of all of the capital projects listed herein and repayment of all financial obligations resulting from the Public Finance Authority's use of the funds as collateral to securing funding, $1.75 of the $3.75 surcharge shall be allocated to the Education Maintenance Fund established under Title 33 Virgin Islands Code, section 3092a.
(g) Notwithstanding the provisions of Subsection (d) of this section, the funds collected shall be used by the Virgin Islands Public Finance Authority, upon request, as collateral in obtaining loans from any financial institution, including any financial institution not a member of the Federal Depository Insurance Corporation (FDIC) in the Virgin Islands, to secure funding exclusively to complete the Leonardo “Nardo” Trotman Drive on St. Thomas, to fix the culvert located at # 21 A Market Street, Christiansted, on the island of St. Croix to pave the road adjacent to 241 F La Grande Princesse on St. Croix as depicted in OLG Drawing 2116, and for the construction and completion of a permanent emergency facility at Parcel #8-1 Estate Fortuna, St. Thomas, Virgin Islands, to house the Fire Service, Police and Emergency Medical Services. Within thirty (30) days of securing funding through collateralization of the monies collected from the motor vehicle rental surcharge, the Virgin Islands Public Finance Authority shall forward a copy of the executed financial agreement to the Legislature.
(h) The monies collected for allocation to the Department of Public Works shall be held by the Commissioner of Finance for the Department of Public Works and shall be held separate and apart from all other funds of the Department of Public Works and administered at the direction of the Executive Director of the Public Finance Authority only as it relates to its use for collateral in securing funding for the exclusive purpose of completion of the above-mentioned capital improvement projects. No monies herein shall be available for expenditure or disbursement without legislative approval except as provided herein.
(i) The Director of the Bureau of Internal Revenue shall maintain a detailed accounting record of all monies collected from the motor vehicle rental surcharge and all monies disbursed to the Department of Finance.
(j) Until completion of the above-mentioned capital projects, the Commissioner of the Department of Finance shall maintain a detailed accounting record of all monies received from the Director of the Bureau of Internal Revenue from the motor vehicle rental surcharge and a detailed accounting record of all monies disbursed to the Public Finance Authority on behalf of the Commissioner of the Department of Public Works from the motor vehicle rental surcharge.
(k) Until completion of all of the above-mentioned capital projects, the Commissioner of the Department of Public Works shall maintain a detailed accounting record of all monies disbursed on the Department's behalf by the Commissioner of the Department of Finance from the motor vehicle rental surcharge and a detailed accounting record of all monies disbursed to the Executive Director of the Public Finance Authority for the above-mentioned capital projects.
(l) Until and at such time as the above-mentioned capital projects are completed, the Executive Director of the Public Finance Authority shall maintain a detailed accounting record of all monies received from the Department of Finance on behalf of the Department of Public Works for the above-mentioned capital projects. The Executive Director of the Public Finance Authority shall also maintain a detailed accounting record of all capital improvement projects undertaken in the Territory.
(m) Until all of the above-mentioned capital projects are completed, the Director of the Bureau of Internal Revenue, the Commissioner of the Department of Finance, the Commissioner of the Department of Public Works and the Executive Director of the Public Finance Authority shall submit a copy of the accounting records and detailed reports described herein to the Legislature on a semi-annual basis.