(1) Awards made through this program shall be known as the Christa McAuliffe Scholarships;
(2) Funds for the scholarships will be made available through the annual accrued interest from the principal;
(3) TSAC shall develop criteria for the selection of Tennessee citizens with the abilities, interest and enthusiasm for teaching as a career; and
(4) Recipients of awards through the Christa McAuliffe Scholarship program shall apply such funds toward the cost of education at any public or private institution of higher education in this state offering a program of teacher education approved by the department of education for purposes of teacher certification.
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