(a) The General Assembly shall at each biennial session appropriate $50,000 of which $25,000 shall be paid annually to the University for the purpose of establishing scholarships at the University.
(b) The minimum number of scholarships to be awarded in each year shall be 50.
(c) A committee to award such scholarships shall be selected by the President of the University.
(d) The State Treasurer shall pay to the University the sum of $25,000 in each year upon warrants signed by the President of the University and the secretary of its Board of Trustees.