Summary:
With the use of a 555 Timer, counter, JK-flip flops and logic gates, a traffic light intersection was created based on assigned values for the times in which each corresponding light should be on.
Here is a picture of my fully functional project that replicates a traffic light intersection:
Here is a link to the video that shows the circuit working:
http://www.youtube.com/watch?v=_7B1ee5FIHA
Here is the circuit schematic: