Before a municipal street is improved, the county commissioners and the governing body of the municipal corporation shall agree upon the maintenance of the street. The agreement may provide that:
(1) the street shall be kept and maintained in good repair by the municipal corporation and, upon the completion of the improvement, further liability and responsibility of the county shall terminate; or
(2) the street shall be kept and maintained in good repair by the county and the share of the municipal corporation shall be paid annually to the county.