(a) The village manager may designate either side, or both sides, or any portion of either side, of any street as a restricted parking area, and shall determine the time of the day any such parking restriction shall be effective as well as the duration of time allowed for continuous vehicular parking, and shall cause appropriate signs to be erected and maintained in such areas designating the effective time of day of such parking restriction as well as the duration of time that continuous vehicular parking is allowed. Such designation shall be evidenced by the physical presence of such signs or legends or notices on or near the parking lane of the streets or portions thereof where such restrictions are to be effective.
(b) No person shall park a vehicle for any period of time in excess of the time posted on the officially erected sign or legend or notice effective for the parking space for which it is erected during the effective time thereof.