my $name;

$name = 'red';
*$name = sub { "<FONT COLOR='$name'>@_</FONT>" };

$name = 'blue';
*$name = sub { "<FONT COLOR='$name'>@_</FONT>" };

$name = '<none>';

print red(), "\n";
print blue(), "\n";
__END__
<FONT COLOR='<none>'></FONT>
<FONT COLOR='<none>'></FONT>