(a) There is hereby established in the Treasury of the Government of the Virgin Islands, a special fund to be designated as the “School Construction, Maintenance and Capital Fund”. The fund shall consist of one-hundred percent of the monies collected under subsection (b) of this section, any funding appropriated thereto from time to time by the Legislature and all gifts, contributions, and requests made thereto, and 100 percent of the proceeds generated from the leasing of properties that were previously used as schools, or such other percentage of the leasing proceeds as the Commissioner of Property and Procurement and the Director may negotiate. The Commissioner of the Department of Property and Procurement, along with the Director of the Bureau, may negotiate the percentage of business income from the lease of a property that was previously used as a school to be deposited into the Fund. All contributions to the fund shall remain available until expended from the purposes enumerated under this section.
(b) The Commissioner of Finance shall deposit $1.75 out of every $3.75 of the fees collected under Title 20, Virgin Islands Code, section 425 into the School Construction, Maintenance and Capital Fund only upon completion of all of the capital improvement projects listed therein.
(c) Monies from this Fund must be used exclusively to support the activities of the Bureau of School Construction and Maintenance as established pursuant to title 3 Virgin Islands Code, chapter 7, subchapter II and shall be disbursed from the fund by the Commissioner of Finance upon the authorization of the Executive Director of the Bureau of School Construction and Maintenance. Monies appropriated under this act shall not be used for any purpose other than the construction, maintenance and/or rehabilitation of all Virgin Islands public schools. Monies in this Fund may not be used for administrative purposes unless the Legislature of the Virgin Islands has made a specific appropriation for administrative purposes.