(A) The town has hereby established those speed limits set forth more particularly in Chapter 74, Schedule IV, and has posted signs indicating the speed limits.
(B) Pursuant to the authority of G.S. § 20-141(f), it shall be unlawful to operate a vehicle in excess of the speeds upon the streets or portions of streets of the state highway system listed in Chapter 74, Schedule IV.
(1992 Code, § 71.01) Penalty, see § 70.99