(a) There is hereby created and established in the Virgin Islands Casino Control Commission a separate special revolving fund, into which shall be deposited all license, registration, permit, fines, penalties, and other fees, all sums appropriated thereto by the Legislature of the Virgin Islands, and all donations, gifts and bequests.
(b) The Chairman of the Casino Control Commission shall maintain and provide for the administration of the special checking account.
(c) All monies in the special checking account shall be disbursed by the Chairman of the Casino Control Commission and the Attorney General of Virgin Islands, exclusively for expenditures by the Casino Control Commission and the Department of Justice, Division of Gaming Enforcement respectively, as established under this chapter, for all operating costs, expenses associated with the investigation of applicants, organization of the Division of Gaming Enforcement, and for any other operating cost and expenses related thereto. Eighty percent of funds deposited in the special checking account must be allocated to the Casino Control Commission, and twenty percent to the Division of Gaming Enforcement.
(d) Deleted.
(e) The Chairman of the Commission and the Director of Division of Gaming Enforcement Commission may expend monies from the special checking account. The Chairman of the Commission shall submit to the Department of Finance by the 30th day of the month following the end of each quarter a report detailing the amount, nature, and the justification for each item of expenditure in the previous quarter. The report shall be accompanied by receipts and any other documentation required by the Department of Finance's rules and regulations or other laws of the Virgin Islands. An annual financial report of the fiscal year's expenditures from the special checking account shall be compiled by the Chairman of the Commission and submitted to the Legislature and the Department of Finance by the 30th of the month following the end of the fiscal year.
(f) The Chairman of the Virgin Islands Casino Control Commission shall engage a certified public accountant to perform an independent annual audit of the activities of the special checking account and present a copy of the audit report to the Commissioner of Finance and the Legislature no later six months after completion of the annual audit.