On receipt of a minimum of 350 prepaid applications and a proposed design therefor, the Commissioner may develop and issue special license plates commemorating the twenty-fifth or subsequent anniversary, in increments of 25 years, of the establishment of any county, city, or town in the Commonwealth. The provisions of subdivision B 1 of § 46.2-725 shall not apply to license plates issued under this section. The authority to issue each commemorative license plate under this section shall be valid for a period of five years from the date each such commemorative license plate is first issued.