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2005 SESSION
053509124Be 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 subsectionThe
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.