(a) There is established the Virgin Islands ABLE Savings Program Trust Fund (Fund) within the Treasury of Virgin Islands. The Fund shall consist of monies received from an ABLE savings program manager, any governmental or private grants, and any General Fund appropriations for the program.
(b) At the end of any fiscal year, all unexpended and unencumbered monies in the Virgin Islands ABLE Savings Program Trust Fund shall remain in the Virgin Islands ABLE Savings Program Trust Fund and shall not be credited or transferred to the General Fund, or any other fund.
(c) All expenses incurred by the Commissioner in developing and administering the ABLE savings program shall be payable from the Virgin Islands ABLE Savings Program Trust Fund.
(d) Five Hundred Thousand Dollars ($500,000) is hereby authorized from the Southern Trust Company Settlement Fund to the Department of Finance to assist in the implementation of the Virgin Islands ABLE Savings Program pursuant to this Part. The funds shall be used for, but are not limited to, the following purposes:(a) engaging the services of consultants to assist in launching the program;(b) engaging a Program Manager for the purposes of managing the Virgin Islands ABLE Savings Program; and(c) to assist with associated start-up fees and overhead.
(a) engaging the services of consultants to assist in launching the program;
(b) engaging a Program Manager for the purposes of managing the Virgin Islands ABLE Savings Program; and
(c) to assist with associated start-up fees and overhead.