The portion of U.S. Highway 63 in Phelps County from one mile north of the intersection of U.S. Highway 63 and the parallel thirty-eight degrees north latitude to one mile south of the intersection of U.S. Highway 63 and the parallel thirty-eight degrees north latitude, except where otherwise designated, shall be designated the “Korean War Veterans Association Memorial Highway”. The intersection of U.S. Highway 63 and the parallel thirty-eight degrees north latitude shall be indicated as the “38th Parallel” by signs. Costs for such designations and signs shall be paid by the Korean War Veterans Association, Rolla Chapter 281.