(1) Except as provided in 7-14-4116, the council of an incorporated city or town may, by ordinance, regulate motor vehicles and their speed within the limits of the city or town and prescribe and enforce fines and penalties for violation of the regulations.
(2) As used in this section, the term "motor vehicles" has the meaning provided in 61-1-101, except the term does not include authorized emergency vehicles as defined in 61-8-102.