A. There is hereby created and established the William P. Willis Scholarship Fund to be administered by the Oklahoma State Regents for Higher Education for the purpose of providing scholarships to low-income students attending institutions in The Oklahoma State System of Higher Education. Income to such fund shall consist of interest accrued from the William P. Willis Trust created in Section 12 of this act.

B. The Oklahoma State Regents for Higher Education shall award scholarships from the William P. Willis Scholarship Fund each fiscal year, beginning July 1, 1986, to persons recommended by an advisory committee appointed by the State Regents for that purpose. To be eligible to receive a scholarship an applicant shall:

1. be a bona fide resident of the State of Oklahoma;

2. be enrolled full time in an undergraduate program at a member institution of The Oklahoma State System of Higher Education; and

3. meet low-income criteria established by the State Regents. The scholarships shall be awarded per year, renewable for up to three (3) additional years, in an amount calculated annually by the State Regents to fully pay for general enrollment fees, other fees, books, materials, and services provided by the institution, including room and board.

C. No more than one scholarship recipient shall attend each institution in The Oklahoma State System of Higher Education; provided, one recipient, apart from the others, shall attend Northeastern Oklahoma State University and major in a program of history.

Added by Laws 1986, c. 246, § 14, operative July 1, 1986.