(a) There is established in the Treasury of the Virgin Islands a special account known as the “Alternative Market Revolving Fund” for providing the financial means for the SAM to administer this chapter and for reasonable expenses incurred in promoting the asset securitization and insurance securitization industries in the Territory.
(b) The Fund consists of all fees, fines and other sums collected by the SAM under this chapter as well as sums appropriated to it from time to time from the Legislature. All funds deposited in the Fund remain available until expended. The SAM, the Commissioner of Insurance and the Commissioner of Insurance's designee are the certifying officers for expenditures under the Fund.
(c) The SAM shall have deposited into the Alternative Market Revolving Fund:
(1) all application fees, license fees, renewal fees, assessments and taxes collected by the SAM under this chapter; and
(2) all administrative penalties and fines;
(d) All payments from the Fund for the hiring, training, maintenance of staff and associated expenses, including contractual services as necessary, may be disbursed from the Treasury only upon requests issued by the SAM, after receipt of proper documentation regarding services rendered and expenses incurred or to be incurred.
(e) The interest on the monies on deposit in the Fund must also be deposited into the Fund until the balance in the fund exceeds $10,000,000. Whenever the balance in the Fund exceeds $10,000,000, the dollar amount of the balance above $10,000,000 must be deposited into the General Fund.