(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 West Virginia University new specialty earmarked license plate for a motor vehicle authorized by § 55-4-210(c).
(2) The new specialty earmarked plates provided for in this section must contain the colors and logo of West Virginia University and must include any other appropriate design representative of the university. The plates must be designed in consultation with a representative from the West Virginia University Alumni Association.
(3) The funds produced from the sale of the new specialty earmarked license plates must be allocated to the West Virginia University Alumni Association in accordance with § 55-4-301, to be used exclusively for funding scholarships for students from Tennessee.