(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) 40% to the promoter or franchisee of the Randall Doc James Racetrack, for purses;(3) 3 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;(4) 4 percent to the Department of Sports, Parks and Recreation for the development of youth sports activities in the Territory;(5) 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(6) 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.
(1) 45 percent to the Casino Revenue Fund codified at 32 V.I.C. § 517;(2) 40% to the promoter or franchisee of the Randall Doc James Racetrack, for purses;(3) 3 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;(4) 4 percent to the Department of Sports, Parks and Recreation for the development of youth sports activities in the Territory;(5) 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(6) 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.
(2) 40% to the promoter or franchisee of the Randall Doc James Racetrack, for purses;
(3) 3 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;
(4) 4 percent to the Department of Sports, Parks and Recreation for the development of youth sports activities in the Territory;
(5) 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
(6) 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.