(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 National Championship new specialty earmarked license plate for a motor vehicle authorized by § 55-4-210(c).
(2) The purpose of the new specialty earmarked plates is to commemorate and celebrate the University of Tennessee Volunteer football team's victory in the 1999 Fiesta Bowl and capture of the 1998-1999 National Championship.
(b) The new specialty earmarked plates provided for in this section shall contain the colors and logo of the University of Tennessee Volunteers, and shall include the language “UNIVERSITY OF TENNESSEE 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 University of Tennessee National Championship 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 in accordance with § 55-4-301. The funds shall be deposited in the University of Tennessee-Knoxville general scholarship fund and shall be used exclusively to fulfill the academic mission of the University of Tennessee-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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