(1) Each private college or university may promulgate and amend rules and regulations for the operation and parking of motor vehicles on its property as its governing board deems necessary if the rules and regulations do not conflict with governing state law or a city or county ordinance.
(2) The rules and regulations described in subdivision (a)(1) of this section may be submitted to the city or county where the property of the private college or university is located for adoption as ordinances, including without limitation ordinances that: Limit the rate of speed; and
(3) Enforce other traffic rules, including control and direction of traffic.
(4) Speed limits shall be posted at reasonable intervals, and traffic and parking directions and prohibitions shall be indicated by signs.