Scholarship award payments shall be made to the institution at the beginning of the fall or spring semester on behalf of the eligible student who has received a Richard Hagen-Minerva Harvey memorial scholarship. The amount of the award is as follows:

(1) Not less than one thousand dollars for the first year of attendance;

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(2) Not less than one thousand dollars for the second year of attendance;

(3) Not less than one thousand five hundred dollars for the third year of attendance; and

(4) Not less than two thousand five hundred dollars for the fourth year of attendance.

However, the total amount of awards in any year may not invade the principal investment referenced in § 13-55-37.

Source: SL 2003, ch 109, § 4; SL 2014, ch 97, § 1.