(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 Le Bonheur Children's Medical Center new specialty earmarked license plate for a motor vehicle authorized by § 55-4-210(c).
(2) The purpose of the plates is to recognize, commemorate and celebrate the many health care contributions made by Le Bonheur Children's Medical Center.
(3) The plates provided for in this section shall bear an appropriate design or logo that depicts through words and/or pictures the many health care contributions made by Le Bonheur Children's Medical Center. The plates shall be designed in consultation with the board of directors for Methodist Health Systems of Memphis and West Tennessee.
(4) In accordance with § 55-4-301(a)(1), Le Bonheur Children's Medical Center shall be the nonprofit organization to which fifty percent (50%) of the funds produced from the sale and renewal of Le Bonheur Children's Medical Center new specialty earmarked plates shall be allocated.