There is hereby created the Virgin Islands Music Scholarships. Two music scholarships shall be awarded annually for higher education awarded annually for higher education in the field of music. One scholarship each year shall be granted to a resident of St. Croix and the other shall be granted to a resident of St. Thomas or St. John. Applicants for scholarships shall apply to the Virgin Islands Board of Education pursuant to rules and regulations established by the Board. From among the applicants the Board shall select the persons to be awarded scholarships. Each scholarship shall be for one year in the amount of $2,000.00. The Board may, in its discretion renew a scholarship from year to year.