The Board shall have the power and duty to give suitable names to state highways, bridges, interchanges, and other transportation facilities and change the names of any highways, bridges, interchanges, or other transportation facilities forming a part of the systems of state highways. The names of private entities, as defined in § 33.2-1800, located within the Commonwealth shall not be used for such purposes unless such private entity pays the Department an annual naming rights fee as determined by the Board. The Department shall place and maintain appropriate signs indicating the names of highways, bridges, interchanges, and other transportation facilities named by the Board or by the General Assembly. The costs of producing, placing, and maintaining these signs shall be paid by the localities in which they are located or by the private entity whose name is attached to the highway, bridge, interchange, or other transportation facility. However, for a highway, bridge, interchange, or other transportation facility named after a state official killed during the performance of his official duties, the costs of producing, placing, and maintaining these signs shall be paid from Commonwealth Transportation Funds. For purposes of this section, “state official” includes law-enforcement officers employed by the Department of State Police and state highway transportation workers. No name shall be given to any state highway, bridge, interchange, or other transportation facility by the Board unless and until the Board receives (i) for a naming after a state official, a letter or resolution from the head of the state agency by which the state official was employed requesting such naming or (ii) for a naming other than after a state official, a resolution from the governing body of the locality within which a portion of the facility to be named is located requesting such naming, except in such cases where a private entity has requested the naming. No highway, bridge, interchange, or other transportation facility previously named by the Board or the General Assembly shall be eligible for renaming by a private entity, unless such naming incorporates the previous name. The Board shall develop and approve guidelines governing the naming of highways, bridges, interchanges, and other transportation facilities by private entities and the applicable fees for such naming rights. Such fees shall be deposited in the Highway Maintenance and Operating Fund established pursuant to § 33.2-1530. No name shall be eligible for the naming rights under this section if it in any way reasonably connotes anything that (i) is profane, obscene, or vulgar; (ii) is sexually explicit or graphic; (iii) is excretory related; (iv) is descriptive of intimate body parts or genitals; (v) is descriptive of illegal activities or substances; (vi) condones or encourages violence; or (vii) is socially, racially, or ethnically offensive or disparaging.