Before entering upon the duties of office, the mayor shall take and subscribe the oath or affirmation required by the Illinois constitution and shall execute a bond with security, to be approved by the corporate authorities. The bond shall be payable to the city in the penal sum of three thousand dollars ($3,000.00), conditioned upon the faithful performance of the duties of the office and payment of all monies received by the mayor, according to law and the ordinances of the city. The oath or affirmation and the bond shall be filed with the city clerk. (2006 Code § 2-1-2)