The chief administrator shall annually certify to the State Treasurer the average cost per license plate incurred in the immediately preceding year by the commission in producing, issuing, renewing, and publicizing the availability of alumni license plates for each alumni license plate program. The annual certification of the average cost per license plate shall be approved by the Joint Budget Oversight Committee or its successor.
In the event that the average cost per license plate under any alumni license plate program, as certified by the chief administrator and approved by the Joint Budget Oversight Committee or its successor, is greater than the $50 application fee established in subsection b. of this section in two consecutive fiscal years, the chief administrator may discontinue the issuance of the alumni license plates.
N.J.S. § 39:3-27.166