When making an award under the choose Ohio first scholarship program, the chancellor of higher education, subject to approval by the controlling board, may commit to giving a state university's or college's proposal preference for future awards after the current fiscal year or fiscal biennium. A proposal's eligibility for future awards remains conditional on all of the following:
The chancellor and the controlling board shall not commit to awarding any proposal for more than five fiscal years at a time. However, when a commitment for future awards expires, the chancellor and the controlling board may grant a one-time extension of the award for a period not to exceed four years.
R.C. § 3333.68