A. If, by December 31, 2016, a regionally accredited institution of higher education with at least one university campus in this state pays thirty-two thousand dollars to the department for the implementation of this section, the department shall issue regionally accredited institution of higher education special plates when the department has the technology necessary for issuance. The entity that provides the thirty-two thousand dollars shall design the regionally accredited institution of higher education special plates. The design and color of the regionally accredited institution of higher education special plates are subject to the approval of the department. The director may allow a request for regionally accredited institution of higher education 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 regionally accredited institution of higher education 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 regionally accredited institution of higher education special plate fund established by this section.

D. The regionally accredited institution of higher education special plate fund is established consisting of monies deposited 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 paid the implementation fee to the department pursuant to subsection A of this section. Not more than ten percent of the monies deposited in the fund annually shall be used for the cost of administering the fund. Monies in the fund are continuously appropriated.

E. The director shall annually allocate monies from the fund to a foundation of a regionally accredited institution of higher education in this state with at least one university campus in this state that has more than two thousand students residing on the campus and that has a nondiscrimination policy for admissions. The foundation must be a charitable organization that is qualified under section 501(c)(3) of the United States internal revenue code for federal income tax purposes.

F. 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.