ive encountered this same situation dozens of times both in TN and in MI.
No, they cannot own public waters. They may have those signs as a deterant to avoid property damage to moored boats such as snagged hooks, banging baits off paint, people getting on the docks to retrieve errant casts.
As long as your not giving them a reason to look in your direction to hassle you, you will be fine. i wouldnt worry about your fishing though.
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