Purpose of fund shall be to provide scholarships to students graduating from Union, Winchester, Monroe Central, or New Castle High Schools. Criteria for the scholarship(s) shall be the following: 1) Student(s) must have passed the Statewide Graduation Exam, 2) student(s) will have a minimum of a 3.0 G.P.A., 3) student(s) shall be accepted to either a 2 or 4 year college, 4) student(s) must have been active in school and/or the community, 5) student(s) must have participated in school athletics, and 6) student(s) must be of good moral character.