A. On receipt of a minimum of 350 paid applications and a design therefor, the Commissioner may develop and issue special license plates whose design incorporates the seal, symbol, emblem, or logotype of any county, city, or town. However, in lieu of the minimum paid applications, a locality may elect to pay the initial issuance fee costs to the Commissioner and the Commissioner may develop and issue such special license plates immediately. If all affected localities agree as to its design, the Commissioner may develop and issue special license plates jointly for more than one locality. Each local governing body of the counties, cities, or towns involved in the design of the license plates shall agree as to the issuance fee and shall indicate to the Commissioner in writing whether the license plates issued shall be revenue sharing or nonrevenue sharing license plates.
B. The annual fee for plates issued pursuant to this section that are nonrevenue sharing license plates shall be $10 plus the prescribed fee for state license plates.
C. The annual fee for plates issued pursuant to this section that are revenue sharing license plates shall be $25 plus 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 to the locality whose seal, symbol, emblem, or logotype appears on the plate. These funds shall be paid to the affected localities annually and may be used as provided by the local governing body. For license plates issued jointly for more than one locality, these funds shall be apportioned among the affected localities as agreed to with the Commissioner prior to issue. The provisions of subdivision B 1 of § 46.2-725 shall not apply to license plates issued under this section.