In my state the school zone speed limit is only in effect if it's a school day and there are children around. If all the kids are all inside it's the normal speed limit. I guess Tesla could just use the school zone limit all the time during school times, but people would be annoyed.
At least in Georgia, there's at least one yellow light with a speed limit sign attached. During active school hours, the yellow light will flash on and off.
On my daily commute, there's two overhead flashing yellow lights. Previously, my Model Y would begin to brake and then speed back up, thinking it's a normal traffic light (prior to FSD). With FSD, it's at least smart enough to know not to brake; but it certainly doesn't read the speed limit from the sign, as it normally would.
Can be times of day, "when flashing", or "when children are present". Time of day isn't great because of irregular after school activities, events, delayed starts because of snow, etc.
The idea of present might be a difficult one. I'm not up to speed on any court cases that have determined what present means, but it's likely more nuanced than a simple "can Tesla identify a child in sight". A human would be more likely to play it safe and just obey regardless.
> On a school day when school children are present and so close thereto that a potential hazard exists because of the close proximity of the motorized traffic
This doesn't have to be state law, it can be municipal law. All it takes is city council putting up a sign that says "15 MPH when children are present".