(1) When authorized or directed by the fiscal court, the county engineer shall cause guideboards to be made and placed at each intersection of a county road with another county road or with a state highway. The guideboard shall indicate the direction and distance to the county seat or other noted places to which the road leads. The letters and figures on the guideboards shall be sufficiently large and distinct to be read from a distance of forty (40) feet, and the boards shall not be placed closer than five (5) miles apart.
(2) All expenses connected with the erection of such guideboards shall be paid by the fiscal court out of the county levy.