(a) There is established as a separate and distinct, non-lapsing, revolving fund in the Treasury of the Virgin Islands, the Virgin Islands Ferry Boat Fund. The Commissioner of Finance shall administer the fund, and no monies deposited in the fund may be made available for expenditure and or disbursement for any other purposes except as provided in this section.
(b) The Virgin Islands Ferry Boat Fund consists of:
(1) All grants, contributions, gifts and bequests;
(2) All interest accrued on monies in the Fund; and
(3) All non-federal sums appropriated to the Fund from time to time by the Legislature which remain available until expended.
(c) Monies in the Fund must be used exclusively to expand and maintain the inter-island passenger ferry boat service within and between the islands of the Virgin Islands.
(d) The Commissioner of Finance shall, on a quarterly basis submit to the Governor and the Legislature a detailed accounting of the disbursements from the fund and its unobligated balance.