3. a. Upon proper application, the Chief Administrator of the New Jersey Motor Vehicle Commission shall issue special license plates to the alumni of a four-year public institution of higher education for any motor vehicle owned or leased and registered in this State. In addition to the registration number and other markings or identification otherwise prescribed by law, the license plates shall display appropriate words or a slogan and emblem honoring the four-year public institution of higher education. The chief administrator shall, in consultation with an alumni association of the four-year public institution of higher education, select the design and color scheme of the alumni license plates. The alumni license plates shall be subject to the provisions of chapter 3 of Title 39 of the Revised Statutes, except as hereinafter otherwise provided.

b. Application for issuance of alumni license plates shall be made to the chief administrator on forms and in a manner prescribed by the chief administrator. In order to be deemed complete, an application shall be accompanied by a fee of $50, payable to the New Jersey Motor Vehicle Commission, which shall be in addition to the fees otherwise prescribed by law for the registration of a motor vehicle. The chief administrator shall collect annually, subsequent to the year of issuance of the alumni license plates, a $10 fee for the license plates in addition to the fees otherwise prescribed by law for the registration of a motor vehicle. The additional fees required by this subsection shall be deposited in the special non-lapsing fund created, pursuant to subsection c. of this section, for the alumni license plate program.

c. The Department of the Treasury shall create and maintain a special non-lapsing fund for each alumni license plate program established under P.L.2023, c.232 (C. 39:3-27.164 et seq.). There shall be deposited in each fund the amount collected from all license plate fees collected pursuant to subsection b. of this section for each alumni license plate program, less the amounts necessary to reimburse the commission for administrative costs pursuant to subsection d. of this section. Monies deposited into each fund shall be appropriated annually to an alumni association of the four-year public institution of higher education to support the organization’s mission and programs. Monies deposited into each fund shall be held in interest-bearing accounts in public depositories, as defined pursuant to section 1 of P.L.1970, c.236 (C. 17:9-41), and may be invested or reinvested in securities approved by the State Treasurer. Interest or other income earned on monies deposited into each fund, and any monies which may be appropriated or otherwise become available for purposes of the fund, shall be credited to and deposited in the fund for use as set forth in P.L.2023, c.232 (C. 39:3-27.164 et seq.).

d. Prior to the deposit of the additional fees collected pursuant to subsection b. of this section into the applicable special non-lapsing fund, amounts thereof as are necessary shall be used to reimburse the commission for all costs reasonably and actually incurred, as stipulated by the chief administrator for:

(1) designing, producing, issuing, renewing, and publicizing the availability of alumni license plates; and

(2) any computer programming changes that may be initially necessary to implement each alumni license plate program in an amount not to exceed $150,000.

The chief administrator shall annually certify to the State Treasurer the average cost per license plate incurred in the immediately preceding year by the commission in producing, issuing, renewing, and publicizing the availability of alumni license plates for each alumni license plate program. The annual certification of the average cost per license plate shall be approved by the Joint Budget Oversight Committee or its successor.

In the event that the average cost per license plate under any alumni license plate program, as certified by the chief administrator and approved by the Joint Budget Oversight Committee or its successor, is greater than the $50 application fee established in subsection b. of this section in two consecutive fiscal years, the chief administrator may discontinue the issuance of the alumni license plates.

e. The chief administrator shall notify eligible motorists of the opportunity to obtain alumni license plates by publicizing the availability of the license plates on the commission’s website. The director of an alumni association of a four-year public institution of higher education and any other individual or entity designated by an alumni association may publicize the availability of alumni license plates in any manner that the alumni association deems appropriate.

f. The chief administrator and the director of an alumni association of each four-year public institution of higher education shall develop and enter into a memorandum of agreement setting forth the procedures to be followed in carrying out their respective responsibilities under P.L.2023, c.232 (C. 39:3-27.164 et seq.).

g. The director of each alumni association shall appoint a representative who shall act as a liaison between an alumni association and the commission. The liaison shall represent the alumni association in any and all communications with the commission regarding the alumni license plate program established for each four-year public institution of higher education pursuant to P.L.2023, c.232 (C. 39:3-27.164 et seq.).

L.2023, c.232, s.3.