-
(a) There is established in the Treasury of the Virgin Islands a fund to be known as the Territorial Park Trust Fund. The Commissioner of Finance shall provide for the administration of the Fund as a separate and distinct fund in the Treasury, and shall hold the Fund separate and apart from all other moneys, funds and accounts. Investment earnings credited to the assets of the Fund shall become part of the Fund. No amounts in the Fund shall be available for expenditure or disbursement, except as provided in this chapter. All monies shall remain in the Fund until expended. Money shall be disbursed from the Fund by the Commissioner of Finance, upon the authorization of the Board.
-
(b) As the Government acquires land pursuant to this chapter, the Chairperson of the Board shall direct the Commissioner of Finance to set aside an amount from the Fund not to exceed twenty percent of the value of the land acquired, or the land affected, if less than a fee interest was acquired, to be placed in a special stewardship account in the Fund. The special stewardship account shall be a non-lapsing account, and income derived from investment of the account shall be credited to the account. The special stewardship account shall be used solely for the management of land acquired under this chapter, as directed by the Board.
-
(c) The Commissioner of Finance and the Board shall maintain a detailed accounting record of all monies deposited into and disbursed from the Territorial Park Trust Fund.
-
(d) The Fund shall consist of all sums appropriated thereto from time to time by the Legislature and investment earnings, as provided in subsection (a).