(b) Each college or university that chooses to participate in this program shall provide that portion of the design which features the particular institution and such design shall be acceptable to the president of the institution. For public colleges and universities, approval of the state board of education and board of regents of the university of Idaho shall also be required. Each version of the special college and university plate featuring the participating college or university shall be approved by the department, utilizing a numbering system as determined by the department. Initial costs of the plate program, including the cost of plate design, shall be paid by the participating college or university.