(a) The scholarships shall be awarded to those students who demonstrate the highest capability for successful high technology study.
(b) A student is eligible for this scholarship if the individual:
(1) Has met the admission requirements and is accepted for enrollment as a full-time student in an approved institution;
(2) Has been a bona fide resident of the state prior to graduation from high school;
(3) Is a citizen of the United States or a permanent resident alien; and
(4) Satisfactorily meets the qualifications of superior academic ability as established by the Division of Career and Technical Education.
(c) The scholarship shall be weighed on the factors of achievement, ability, and demonstrated leadership capabilities.
(d) Preference will be given to a student who uses his or her award in the same year that graduation from high school occurs.