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

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

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

(2)  Are upperclassmen at the university; and

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

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

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

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

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

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

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

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