(a)
(1) An owner or lessee of a motor vehicle who is a resident of this state, upon complying with state motor vehicle laws relating to registration and licensing of motor vehicles and paying the regular fee applicable to the motor vehicle and the fee provided for in § 55-4-204, shall be issued a University of Tennessee Lady Volunteers' NCAA National Championships new specialty earmarked license plate for a motor vehicle as authorized by § 55-4-210(c).
(2) The purpose of the new specialty earmarked plates is to commemorate and celebrate the University of Tennessee Lady Volunteer Basketball Team's three (3) consecutive NCAA Division 1 Women's Basketball Championships in 1996, 1997 and 1998. The new specially earmarked plates shall also commemorate the fourth consecutive NCAA Division 1 Women's Basketball Championship if the University of Tennessee Lady Volunteers win the championship in 1999. The new specialty earmarked plates shall also commemorate the NCAA Division I Women's Basketball Championship won by the University of Tennessee Lady Volunteers in 2007, which marks the team's seventh national championship. The new specialty earmarked plates shall also commemorate the NCAA Division I Women's Basketball Championship won by the University of Tennessee Lady Volunteers in 2008, which marks the team's eighth national championship.
(b) The new specialty earmarked plates provided for in this section shall contain the colors and logo of the University of Tennessee Lady Volunteers, and shall include the language “LADY VOLS NATIONAL CHAMPIONS” in an appropriate design. The plates shall be designed in consultation with the president of the University of Tennessee system.
(c)
(1) The funds produced from the sale of the new specialty earmarked license plates, less the expense the state has incurred in designing and manufacturing the plates, shall be appropriated to the University of Tennessee at Knoxville women's athletics department in accordance with § 55-4-301. The funds shall be earmarked to be used exclusively to fund scholarships for women's athletics at the University of Tennessee at Knoxville.
(2) The funds may only be expended to fund activities authorized by this section. Any funds appropriated to the University of Tennessee pursuant to this section shall remain in reserve until expended for purposes consistent with this section, and shall not revert to the general fund on any June 30. Any interest earned on moneys appropriated to the University of Tennessee pursuant to this section shall not revert on any June 30, but shall remain available for appropriation in subsequent fiscal years.
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