There is a program of State Merit Scholastic Awards. The awards shall be issued annually by the Governor. On or before April 1 of each year, the principal of each senior high school shall present to the Governor a list of nominees for a State Merit Scholastic Award. The list shall consist of the names of the top 5 percent of the students in the graduating class. Each nominee shall be recommended for scholastic achievement. The Governor shall issue to each student nominated for the award an appropriate certificate that recognizes the excellence of scholastic achievement of the student.