(a) There is hereby established the Ann Schrader Scholarship for Police Science to be awarded annually to one qualified resident of the Virgin Islands selected by the Board of Education from among applicants for said scholarship. The Ann Schrader Scholarship for Police Science shall be for four (4) semesters at $600 per semester and shall be for attendance at the University of the Virgin Islands only. Said scholarship shall be funded from monies appropriated to the U.S. Virgin Islands Police Department (V.I.P.D.) for that purpose.
(b) The Ann Schrader Scholarship for Police Science shall be administered by the Virgin Islands Board of Education, and applicants for said scholarship shall apply to the Board of Education pursuant to rules and regulations established by said Board.