(a) There is hereby created and established in the Department of Finance a separate special account to be known as the “Casino Revenue Fund” into which shall be deposited all revenues derived from the tax imposed pursuant to Title 32, sections 515 and 516(a)(1) Virgin Islands Code.
(b) The Commission may require a monthly report and recognition statement to be filed with it on or before the 10th day of each month, with respect to gross revenues and deposits received and made during the preceding month.
(c) Moneys in the Casino Revenue Fund shall be appropriated exclusively for the following purposes: Fifteen (15%) percent to hospitals and health; Sixteen (16%) percent to education; Two (2%) percent to the Worker Preparation Educational Program for high school seniors; Ten (10%) percent to the Department of Sports, Parks and Recreation to fund Territorial Little Leagues, the Biddy, Pony and Senior Leagues, and all other youth basketball, baseball, tennis and soccer leagues, including travel within and outside of the Virgin Islands and ten (10) percent to other youth programs; Ten (10%) percent to agriculture programs; Five (5%) percent to tourism and casino promotion of St. Croix; Eight (8%) percent to the Union Arbitration and Increment Fund; to include funding for bonding of preferred bidders; One percent (1%) to the Virgin Islands Bureau of Internal Revenue for tax administration and enforcement; Five (5%) percent to the University of the Virgin Islands; Ten (10%) percent to the Casino Control Commission for its operation; Five (5%) to Public Safety; One (1%) percent for gambling addiction and education programs; and Two (2%) percent allocation to be deposited into a revolving fund to be established for the specific purpose of reconstruction and rehabilitation of the two historic district towns of Christiansted and Frederiksted; One (1%) percent to The Village—Virgin Islands Partners in Recovery for the development of a program to prevent gambling addiction and a program to assist individuals with a gambling addiction. Absent emergent circumstances, moneys appropriated herein shall be expended for the expansion of programs within the above mentioned areas, or for the institution of new programs within those areas. On or about March 15 and September 16 of each year, the Commissioner of Finance shall publish in at least 2 newspapers circulating generally in the Virgin Islands a report accounting for the total revenues received in the Casino Revenue Fund and the specific amounts of money appropriated therefrom for specific expenditures during the preceding six months ending December 31 and June 30.