(1) The Governor is charged with the conduct of the relations of the Commonwealth with other states and governments. He is empowered to approve agreements between departments or agencies of the Commonwealth, and departments or agencies of other states and governments, for the accomplishment of purposes which are authorized by law to be accomplished in this state by the department or agency entering into the agreement.
(2) No agreement authorized by this section shall involve the expenditure of more than $12,000 in any one (1) year by any one (1) department or agency, except in the case of repairs to interstate bridges. Any such expenditure shall be made from funds already budgeted to the department or agency. Nothing in this section shall be construed to limit rights and powers conferred on any department or agency by existing statutes, or by statutes enacted during the 1950 session of the General Assembly.