All money in the fund shall be available for making interest-free loans for educational advancement, for scholarship, or for grants-in-aid to eligible persons. An eligible person for such loans shall be any of the following: (a) A bona fide organization of a school under the jurisdiction of the governing board of the school district. (b) An enrollee at a school under the jurisdiction of the governing board of the school district. (c) A graduate of a school under the jurisdiction of the governing board of the school district.
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