(1) The following highway is designated as a state highway and placed under the jurisdiction of the Mississippi Transportation Commission; and such highway, together with the highways designated in Section 65-3-3, and all other laws adding links to the designated state highway system, are declared to be the state highway system of Mississippi:
That segment of road beginning at the intersection of Mississippi 301 and Mississippi 304 and extending southerly to Arkabutla Dam.
(2) The Mississippi Transportation Commission shall take over and assume responsibility for construction and maintenance of the segment of highway described under subsection (1) of this section whenever the commission certifies that such segment of highway has been brought up to commission standards and all utilities, signs, structures and other encroachments on such highway and right-of-way, are removed or relocated.