(a) There are hereby established the Valedictorian and Salutatorian Awards which shall be administered by the Board of Education and awarded each year to the valedictorian and salutatorian of each high school and Adult Education Program in the Virgin Islands who has been accepted and enrolled at an accredited college, university, or trade school. Such awards shall be $3,000 for the valedictorian and $2,000 for the salutatorian.
(b) A perma plaque resolution shall be prepared and presented by the President of the Legislature at an appropriate ceremony to each valedictorian and salutatorian annually during the last two weeks of June, which resolution shall contain a brief biography of the graduate and his or her educational accomplishment.
(c) Deleted.
(d) Whenever the Valedictorian and Salutatorian Awards funding is insufficient to carry out the purpose of subsection (a), the Board of Education may use any excess funds in the Territorial Scholarship Fund established in section 171 of this chapter.