(1) That portion of United States Highway 78 being situated between the southern boundary of the state of Tennessee and the western boundary of the state of Alabama shall be designated and henceforth known as the Elvis Aaron Presley Memorial Highway.
(2) The Mississippi State Highway Department is hereby directed to erect appropriate signs along and approaching said highway and, further, to erect a suitable memorial marker between the City of Tupelo, Mississippi, and the Town of Mineral Wells, Mississippi, at a site to be chosen with the approval of the family of Elvis Aaron Presley.