(A) The Common Council shall budget the sum of $25,000 for the purpose of assisting in the cost of post-secondary education. This sum should be accumulated in a fund which shall henceforth be called the New Castle Scholarship Fund.
(B) The appropriations shall be delivered to the Henry County Foundation which shall accumulate same until such time as the interest thereon will provide two students, a young man and young woman, with scholarship aid of not less than $1,000 annually.
(C) When sufficient interest can be generated from this account, the Foundation shall provide two scholarships to graduates from New Castle Chrysler High School. One scholarship shall go to a male graduate and one scholarship of equal amount shall go to a female graduate. In administering these scholarships, the Council directs that the Foundation develop standards that incorporate the following guidelines:
(1) That the scholarships may only be given to those who seek post-secondary education and are attending classes offered by accredited institutions of higher education or vocational training and such classes are being taught within Henry Township, Indiana;
(2) The recipient shall demonstrate the ability to complete the requirements for graduation at that institution. The course of study sought by the recipient shall provide the recipient with training which upon completion can be utilized by the recipient in New Castle, Indiana for the support of that recipient financially, the recipient's family, and for the betterment of the community at large;
(3) The resources available to the recipient and the recipient's need for this scholarship shall be an element to be considered but shall not be the sole deciding factor;
(4) Nothing herein shall prohibit the granting of this scholarship to a recipient for consecutive years during that recipient's post-secondary education. Provided, the recipient continues to show above average academic success, continued commitment toward the completion of the course of study, remains a full-time student, and the recipient must continue to meet the requirements of this section, including a desire to return to New Castle, Indiana after completion of course of study.
(D) The Foundation shall as a term of its acceptance of this annual donation agree to encourage private donations to this New Castle Scholarship Fund.
(E) At no time shall an individual scholarship to a recipient exceed the tuition cost at the institution which the recipient intends to attend or $5,000, whichever is lesser.
(F) If and when the earnings from this fund exceed the revenues required to fund these two scholarships, the Foundation shall provide additional scholarships consistent with these guidelines provided there are annually an equal number of male and female scholarships granted.
(G) The Foundation shall report annually to the Common Council of the City of New Castle regarding the condition of this Fund and provide it with an accounting showing all funds received and from what source, and itemizing all expenditures. That upon request, the Foundation shall agree to make its records regarding this fund available to the city or any of its agents or auditors. Further the Foundation shall advise the city annually of the names of the scholarship recipients after they have been selected so that they might be appropriately recognized by the city.
(H) The recipient must be a citizen of the United States of America and a resident of the city for a period of one year prior to the receipt of the scholarship.
(I) No elected official or employee of the city may be a voting member of the selection committee or review committee considering applicants or recipients. However the Mayor and the President of the Common Council shall be non-voting ex-officio members of said committee.
(Ord. 3298, passed 12-3-01; Am. Ord. 3382, passed 6-21-04)