(a) Purpose. — It is the intent and purpose of the General Assembly through this section to provide scholarships in memory of Ivyane D.F. Davis, who died February 7, 1989, to deserving Delaware residents who have been placed under foster care in Delaware, and to this end there hereby is established the Ivyane D.F. Davis Memorial Scholarship Fund.
(b) Administration. — (1) Notwithstanding any other provision to the contrary, this scholarship fund shall be administered by the Child Protection Accountability Committee (“Committee”).
(2) The Committee shall adopt such rules and regulations as it deems necessary and proper to administer the provisions of this scholarship fund.
(3) The Committee shall annually report to the General Assembly of the State the number of recipients of scholarships, the institutions attended by said recipients, the total of expenditures made under this scholarship fund, and such other information as it deems useful for members of the General Assembly.
(c) Eligibility. — Scholarships awarded under this scholarship fund shall be available to applicants who have been residents of Delaware for at least 1 year immediately preceding the application and who were at any time under foster care in Delaware, and who have been accepted at or who are attending an institution of higher learning or trade school.
(d) Scholarship awards. — (1) The Committee shall award up to 50 Ivyane D.F. Davis Memorial Scholarships annually, subject to General Assembly appropriations and private donations to and interest earned on proceeds of the scholarship fund created under this section.
(2) Scholarship awards shall not exceed the amount set by the Committee.
(3) Scholarships may be renewed upon application by recipients on an annual basis if the Committee is satisfied that the recipient is making satisfactory academic or vocational progress.
(4) Selection of scholarship recipients shall be based on such criteria, established by the Committee, as academic achievement, community service, participation in extracurricular activities and promise of success in the institution of higher learning or vocational courses selected by applicants.
(5) In cases where more than 1 applicant are judged to be equally qualified for scholarships, financial need shall be considered in establishing priorities for the award of available scholarships.
(6) Funds disbursed under this scholarship fund shall be disbursed on an annual or semiannual basis and shall be disbursed to the institution or school which a recipient attends, not directly to the student.
(e) Creation of Ivyane D.F. Davis Memorial Scholarship Fund. — (1) The Ivyane D.F. Davis Memorial Scholarship Fund (“Fund”) is hereby created.
(2) The Committee is authorized to accept donations from private individuals and organizations for deposit in the Fund.
(3) A portion of the Fund, not to exceed one-half of the Fund's principle and interest, may be used to assist the Division of Family Services in obtaining Chafee Educational and Training Vouchers funding; provided, that the Committee is authorized, by regulation, contract, or memorandum of understanding with the Division of Family Services, to administer the funding obtained; and further provided, that the portion of the Fund used to obtain the funding is utilized in accordance with the purpose and intent of this section.
(4) Except as provided in the preceding subsection, all appropriations from the General Assembly to the Fund shall be used solely for the award of scholarships as provided under this section.