[§304A-2354]  The Senator Oren E. Long
scholarship program; endowment trust.  (a)  There is established the
Senator Oren E. Long scholarship program to be administered by the university
with proceeds from an endowment trust that shall receive its initial funding by
an appropriation out of the general revenues of the State.  The program shall
provide financial support to students enrolled at any campus of the university.



(b)  Awards shall be granted annually to one
female student and one male student who:



(1)  Are graduates of a public high school in the
State;



(2)  Are upperclassmen at the university; and



(3)  Submit winning essays to the board of regents on
the senator's contributions to Hawaii.



(c)  The amount to be awarded to a student
shall be determined by the board of regents with due regard to the total amount
of funds available for the program.  The award that a student receives under
this program may be used to:



(1)  Pay for the costs of tuition and fees for a
single academic year;



(2)  Pay for the costs of textbooks and other
instructional materials for a single academic year;



(3)  Pay for the costs of room and board at a
dormitory or apartment maintained by the university for a single academic year;
or



(4)  Defray the difference between student need, as
determined by the Free Application for Federal Student Aid, and the total cost
of attendance for a single academic year.



(d)  The board of regents shall adopt rules to
implement the Senator Oren E. Long scholarship program.  The rules shall be adopted
pursuant to chapter 91 but shall be exempt from the public notice and public
hearing requirements.



(e)  The scholarship program shall be funded
with proceeds from an endowment trust established with initial funding by an
appropriation out of the general revenues of the State and shall be
administered by the board of regents for the purposes of supporting the Senator
Oren E. Long scholarship program. [L 2007, c 112, pt of §2]