(1) The Secretary of the Department of Finance and Administration shall accept requests from the board of trustees of a college or university to create and issue a special license plate under this subchapter for the college or university.
(2) The board of trustees shall submit with the request for a special license plate a proposed design for the approval of the secretary.
(3) The secretary shall approve one (1) design for a special license plate for each college or university that requests a special license plate.
(4) The secretary shall determine: The fee for the cost of initial orders of new designs for special license plates which shall be based on the cost of initial orders of new designs for special license plates;
(5) The number of applications that must be received to cover the cost of the initial orders of new designs for special license plates; or
(6) The combination of subdivisions (c)(1) and (2) of this section that must be received to cover the cost of the initial orders of the new designs for special license plates.
(7) The secretary shall issue additional special license plates as provided under this subchapter.