1.  In addition to any other applicable fee, there must be paid to the Department for each license plate issued for a motor vehicle, trailer or semitrailer, to defray the cost of producing the license plate:

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(a) A fee of 50 cents which must be deposited with the State Treasurer for credit to the Fund for Prison Industries; and

(b) Such fee as may be determined by regulation of the Department, which must be deposited with the State Treasurer for credit to the License Plate Production Account.

2.  The License Plate Production Account is hereby created in the State Highway Fund. The Account is a continuing account without reversion. Interest and income earned on money in the Account must be credited to the Account. The money in the Account must be used only to defray the cost of producing license plates, as described in subsection 1.