Each electric and telephone cooperative shall:

1. (1) retain capital credits given to customers of electric and telephone cooperatives in this state that remain unclaimed for a period of three years after the end the year in which the credit is given;

2. (2) use the money retained solely to:

   1. (a) assist low-income persons to pay their utility bills; and
   2. (b) provide scholarships to local graduating high school seniors;
3. (3) establish guidelines based on factors such as income or special needs to determine persons who qualify; and

4. (4) submit copies annually to the Public Service Commission of:

   1. (a) the cooperative's guidelines; and
   2. (b) amounts and disposition of retained capital credits by individual recipients.