61-3-465. Issuance -- application -- additional fee -- disposition. (1) The department shall issue or renew collegiate license plates upon receipt of an application that shows:

(a) compliance with 61-3-303, 61-3-311, and 61-3-312; and

(b) payment to the county treasurer or an authorized agent of:

(i) an initial application and manufacturing fee of $10, when required; and

(ii) an annual scholarship donation of $30 for the benefit of the institution named in the application.

(2) Once each month, the county treasurer shall, as provided in 15-1-504, transfer to the state the total of the amounts collected for:

(a) the initial application and manufacturing fee for deposit in the state general fund; and

(b) scholarship donations provided for in subsection (1)(b)(ii), along with a schedule showing the number of collegiate license plates issued and the total donations received for the benefit of each institution.

(3) Once each month, an amount equal to the total donations credited to that institution and transferred to the state by the county treasurers during the preceding month must be distributed to the student academic scholarship fund or foundation of each institution.

(4) The amount of $8 of the fee imposed in subsection (1)(b)(i) must be deposited in the account established in 61-6-158, and $2 of the fee must be deposited in the state general fund.