(a) To increase the number of Nevada students who attend and graduate from Nevada institutions of higher education; and

(b) To assist Nevada residents in obtaining and maintaining good health.

2. To further these priorities, the legislature hereby declares that it is in the best interest of the residents of the State of Nevada that all money received by the State of Nevada pursuant to any settlement entered into by the State of Nevada and a manufacturer of tobacco products and all money recovered by the State of Nevada from a judgment in a civil action against a manufacturer of tobacco products be dedicated solely toward the achievement of the following goals:

(a) Increasing the number of residents of the State of Nevada who enroll in and attend a university or community college of the University and Community College System of Nevada;

(b) Reducing and preventing the use of tobacco products, alcohol and illegal drugs, especially by children;

(c) Expanding the availability of health insurance and health care for children and adults in this state, especially for children and for adults with disabilities;

(d) Assisting senior citizens who have modest incomes in purchasing prescription drugs and assisting those senior citizens in meeting their needs related to health care, home care, respite care and their ability to live independent of institutional care; and

(e) Promoting the general health of all residents of the State of Nevada.

2. The state treasurer shall deposit in the trust fund:

(a) Has been a resident of this state for at least 2 years before he applies for the scholarship;

(b) Graduated from a public or private high school in this state:

(1) After May 1, 2000; and

(2) Not more than 8 years before he applies for the scholarship;

(c) Maintained at least a 3.0 grade-point average on a 4.0 grading scale in high school in the core curriculum, as determined by the board of regents pursuant to subsection 2; and

(d) Is enrolled in at least 12 semester credit hours in a university or at least 6 semester credit hours in a community college.

2. The board of regents shall:

(a) Define the core curriculum that a student must complete in high school to be eligible for a millennium scholarship.

(b) Develop a plan to ensure that needy students and students from families that otherwise could not afford to send their children to college receive millenium scholarships.

3. For students who did not graduate from a public or private high school in this state and who have been residents of this state for at least 2 years, the board of regents shall establish:

(a) The minimum score on a standardized test that such students must receive; or

(b) Other criteria that students must meet,

to be eligible for millennium scholarships.

4. In awarding scholarships, the board of regents shall enhance its outreach to students who:

(a) Are pursuing a career in education or health care;

(b) Come from families who lack sufficient financial resources to pay for the costs of sending their children to a university or community college; or

(c) Substantially participated in an anti-smoking, anti-drug or anti-alcohol program during high school.

(a) If he is enrolled in a community college, $40 per credit for which the student is enrolled, or the amount of money that is necessary for the student to pay the costs of attending the community college that are not otherwise satisfied by other grants or scholarships, whichever is less.

(b) If he is enrolled in a university, $80 per credit for which the student is enrolled, or the amount of money that is necessary for the student to pay the costs of attending the university that are not otherwise satisfied by other grants or scholarships, whichever is less.

2. A student who receives a millennium scholarship shall:

(a) Make satisfactory academic progress toward a recognized degree or certificate, as determined by the board of regents pursuant to subsection 6; and

(b) Maintain at least a 2.0 grade-point average on a 4.0 grading scale.

3. A millennium scholarship must be used only:

(a) For the payment of registration fees and laboratory fees and expenses;

(b) To purchase required textbooks and course materials; and

(c) For other costs related to the attendance of the student at the university or community college.

4. Except as otherwise provided in this subsection, if a student drops out of school or fails to maintain at least a 2.0 grade-point average in any semester, the student shall repay the millennium scholarship before the student is eligible to receive an additional millennium scholarship or otherwise receive money pursuant to sections 3 to 8, inclusive, of this act. The board of regents shall establish criteria for a waiver from the repayment required by this subsection, including, without limitation, service in the military and conditions of hardship such as medical necessity.

5. The board of regents shall certify a list of eligible students to the state treasurer. The state treasurer shall disburse a millennium scholarship for each semester on behalf of an eligible student directly to the community college or university in which the student is enrolled, upon certification from the community college or university of the number of credits for which the student is enrolled, which must meet or exceed the minimum number of credits required for eligibility and certification that the student is in good standing and making satisfactory academic progress toward a recognized degree or certificate, as determined by the board of regents pursuant to subsection 6. The scholarship must be administered by the community college or university as other similar scholarships are administered and may be used only for the expenditures authorized pursuant to subsection 3.