(a) A separate and distinct special fund is established in the Treasury of the Virgin Islands known as the “Horse Racetrack Casino Revenue Fund” into which all revenues derived from the tax imposed by section 803(b) must be deposited.
(b) Monies in the Fund may be distributed only for the purpose prescribed under this subsection as follows:
(1) 45 percent to the Casino Revenue Fund codified at 32 V.I.C. § 517:
(2) 30 percent to be evenly divided between the Association which represents the majority of all of the licensed horse owners and trainers on each of St. Croix and St. Thomas/St. John, respectively, and is so recognized by the Commission, for purses;
(3) 3 percent to the Thoroughbred Fund established by section 902 of this title, for use in the Certified Thoroughbred Program;
(4) 2.75 percent to the association which represents the majority of Horse owners on St. Croix for the transportation of off-island jockeys and other operating expenses on race days;
(5) 1.75 percent to the association which represents the majority of horse owners on St. Thomas for the transportation of off-island jockeys and other operating expenses on race days;
(6) 3.5 percent to the Agriculture Revolving Fund established by section 3018 of title 33 of the Virgin Islands Code;
(7) 2 percent to the Department of Agriculture to place in a special Horse Treatment Fund for the treatment of horses who are injured or cannot continue to race to assist the Horsemen Associations on both St. Croix and St. Thomas in taking care of the medical needs of the horses as well as their euthanasia if needed;
(8) 4 percent to the Department of Sports, Parks and Recreation for the development of youth sports activities in the Territory;
(9) 3 percent to the Virgin Islands Olympic Committee for funding of athletes and national teams to represent the Virgin Islands in national and regional competitions; and
(10) 5 percent for maintenance of recreational facilities that are administered by the Department of Sports, Parks and Recreation, the funds to be divided evenly between the districts.