Section 13-55-33 - Allocation of scholarship funds--Proration in cases of insufficient funds--Total scholarship amount set. - South Dakota Statutes

13-55-33. Allocation of scholarship funds--Proration in cases of insufficient funds--Total scholarship amount set. One-half of the annual scholarship award shall be paid to public institutions on behalf of eligible students there enrolled or directly to eligible students enrolled at nonpublic institutions at the beginning of the fall semester and the other half shall be paid at the beginning of the spring semester. The amount of the annual award shall be as follows:
(1) One thousand dollars for the first year of attendance;
(2) One thousand dollars for the second year of attendance;
(3) One thousand dollars for the third year of attendance;
(4) Two thousand dollars for the fourth year of attendance unless the student attended full-time a regionally accredited university, college, or technical school located outside South Dakota prior to admission to the program, in which case the award shall be one thousand dollars.
If, in any year, the total funds available to finance the scholarship awards are insufficient to permit each eligible recipient to receive the full amount provided in this section, the available moneys shall be prorated and distributed to each recipient in proportion to the entitlement contemplated by this section. The total amount of the scholarship may not exceed five thousand dollars.

Source: SL 2003, ch 110, § 4; SL 2004, ch 136, § 3; SL 2006, ch 89, § 2.