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