From among the applicants for such grants the Board of Education shall select on or before April 15 not more than two recipients from St. Thomas and not more than two recipients from St. Croix. The Board of Education shall adopt and publish appropriate rules and regulations pertaining to the standards to be used by the Board in the selection of such recipients from among the applicants for such grants. The grant shall be for an amount equal to the funds raised by such senior class for the purpose of such trip or $5,000, whichever is the lesser amount.