(a) Commencing with the 1998-1999 academic year, the board may award from the Franklin County Educational Board Account as many scholarships for each school year as its funds will allow to eligible recipients, subject to the limitations of this part and the policies and procedures promulgated by the board.
(b) For the scholarship program adopted, the following conditions shall apply:
(1) The board shall specify the documentation or material necessary to verify school attendance of applicants.
(2) The board shall determine the minimum grade point average that a student shall maintain in order to qualify for a scholarship.
(3) A student shall have resided in Franklin County for at least two consecutive years prior to seeking and qualifying for a scholarship.