A. If, by December 31, 2011, thirty-two thousand dollars is paid to the department for the implementation of this section, the department shall issue global graduate management school special plates. The entity that provides the thirty-two thousand dollars shall design the global graduate management school special plates. The design and color of the global graduate management school special plates are subject to the approval of the department. The director may allow a request for global graduate management school special plates to be combined with a request for personalized special plates. If the director allows such a combination, the request shall be in a form prescribed by the director and is subject to the fees for the personalized special plates in addition to the fees required for the global graduate management school special plates.

B. Of the twenty-five dollar fee required by section 28-2402 for the original special plates and for renewal of special plates, eight dollars is a special plate administration fee and seventeen dollars is an annual donation.

C. The department shall deposit, pursuant to sections 35-146 and 35-147, all special plate administration fees in the state highway fund established by section 28-6991 and all donations collected pursuant to this section in the global graduate management school special plate fund established by subsection D of this section.

D. The global graduate management school special plate fund is established consisting of monies received pursuant to this section. The director shall administer the fund. The first thirty-two thousand dollars in the fund shall be reimbursed to the entity that provides the thirty-two thousand dollars pursuant to subsection A of this section. Not more than ten per cent of monies deposited in the fund annually shall be used for the cost of administering the fund. Monies in the fund are continuously appropriated. The director shall annually allocate monies from the fund, excluding administrative fees, to a graduate management school in this state that is focused exclusively on global business, that is regarded as the world’s leading institution in the education of global managers and that has operations in the United States and in other nations. The graduate management school shall use the allocated monies for the graduate management school’s operations and activities, including educating global leaders who create sustainable prosperity worldwide and facilitating the development of the global mindset.

E. On notice from the director, the state treasurer shall invest and divest monies in the fund as provided by section 35-313, and monies earned from investment shall be credited to the fund. Monies in the fund are exempt from the provisions of section 35-190 relating to lapsing of appropriations.