(a) The governing body of a Type A general-law municipality may:
(1) require a street railway company to:
(A) keep the company's roads in repair;
(B) conform the area in which the company's tracks lie to the grade of the street on which they lie, if the municipality has graded the street; or
(C) take measures to provide for the safe and convenient travel of people on the street on which the company's tracks lie; or
(2) regulate the speed of vehicles that use the company's tracks.
(b) The governing body by ordinance may establish penalties to enforce a regulation adopted under this section.