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2005 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 46.2-749.69:1 of the Code of Virginia is amended and reenacted as follows:
§ 46.2-749.69:1. Special license plates bearing the names, numbers, and color schemes used by professional stock car drivers; fees.
A. On receipt of an application and payment of the fee prescribed by this section, the Commissioner shall issue special license plates to supporters of the Virginia Motor Sports Initiative.
The provisions of subdivisions 1 and 2 of subsection B of §
46.2-725 shall apply to license plates issued under this subsection.
B. On receipt of a minimum of 350 prepaid applications and
a design therefor, together with signed releases from the driver, his team, and
sponsors permitting the use of such design and all elements thereof without
cost, including the payment of royalties, to the Commonwealth, the The Commissioner
may develop and issue one or more series of special enter into
agreements for the purchase of distinctive license plates bearing the name
of a specific professional stock car driver and the race car number and color
scheme used by that driver, or for distinctive general motor sports-themed
license plates, for issuance as provided in this section. Each
driver-specific series developed and issued under this subsection shall be
subject to the requirements of this subsection The design of such
license plates shall be as mutually agreed by the Commissioner and the supplier
of such license plates. The purchase price of such plates shall be as agreed
between the Commissioner and the supplier or other entity, but shall in no case
exceed a total, one-time cost of $15 for each set of license plates. In the
event that a race car number, color scheme, or both, change for a driver with a
currently issued series, a new series for that driver may be issued subject to
the requirements of this subsection section.
The provisions of subdivision 1 of subsection B 1 of
§ 46.2-725 shall not apply to license plates issued under this subsection
section.
C. The annual fee for plates issued pursuant to this section shall be $25 in addition to the prescribed fee for state license plates. For each such $25 fee collected in excess of 1,000 registrations pursuant to this section, $15 shall be paid into the state treasury and credited to the special nonreverting fund known as the Virginia Motor Sports Initiative Fund established within the Department of Accounts and paid annually in equal amounts to the Virginia Economic Development Partnership Authority and the Virginia Department of Business Assistance and used to support their programs related to the Virginia Motor Sports Initiative.
In calculating the amount to be paid into such fund each year, however, there shall be deducted an amount equal to the amount paid in that year by the Department for the purchase of license plates for which the additional $25 fees have been collected for that year.