(1) All streets and roads of any municipality or county, and all other roads, highways or streets of this state that are not otherwise officially named or numbered shall be assigned a number and said roads, highways or streets shall henceforth be, for official purposes, known and referenced by an assigned number. In addition, the State Aid Division of the State Highway Department is further authorized to name or identify such roads, highways or streets by the names of individuals, subject to the approval of the appropriate governing authorities.

(2) The designation appearing in the Highway Department Road Inventory developed by the State Highway Department for each county and municipality shall constitute the official designation for counties and municipalities from and after July 1, 1988, unless prior to said date the board of supervisors of a county or the governing authority of a municipality adopts an ordinance duly spread upon its minutes adopting an official map or otherwise officially designates or names the public streets, roads and highways within its jurisdiction.

(3) Nothing herein shall be construed to require the marking of roads or the provision of road or street name signs; however, the boards of supervisors of the several counties and the governing authorities of any municipality may accept donations of money, materials, labor or other assistance to provide for the marking of streets, roads and highways.

(4) The provisions of this section shall not be construed to prohibit local governing authorities from naming, renaming or accepting named streets or roads as public ways in their discretion; however, any such action constituting an addition or change to the official county or municipal map shall be by ordinance duly adopted and spread upon the minutes of the governing authority, a certified copy of which shall be transmitted to the State Highway Department.

(5) The boards of supervisors are hereby authorized to expend excess funds as provided by Section 19-5-313 for paying the costs of identifying roads, highways and streets.