(a) There is established a separate and distinct fund within the Treasury of the Government of the Virgin Islands designated “The Waste Tire Management and Vehicle Disposal Fund” (“the Fund”).
(b) The Commissioner of Finance shall direct all fees and sums collected under sections 1570i and 1570l, any other funds that may be appropriated from time to time by the Legislature, and all gifts, contributions, and bequests of all monies, to be deposited into the Fund.
(c) Excise taxes paid on pneumatic tires, inner tubes and solid tires for motor vehicles pursuant to 33 V.I.C. § 42 of the and tire taxes paid on tires pursuant to 33 V.I.C. § 80 must be deposited into the Fund. All Vehicle Disposal Fees collected by the Bureau of Motor Vehicles.
(d) The Commissioner of Finance shall disburse all monies deposited into the Fund, to the Waste Management Authority for purposes related to the collection and disposal of waste vehicles and tires, including public education regarding disposal of waste vehicles and tires and funding a waste tire redemption program administered by the authority.
(e) All monies collected pursuant to subsection (c) must be used to properly dispose of the waste vehicles and tire piles throughout the Territory.