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The Council shall appoint a Treasurer who shall be a resident of the municipality, and who shall serve as the fiscal and accounting officer of the municipality. The Treasurer shall receive, collect, and deposit all monies due the Village and sign all checks and vouchers for their disbursement. He shall be the custodian of official bonds and of instruments for the payment of the money of the municipality and shall perform all other financial duties imposed upon him by any measure of Council. The Treasurer shall give bond for the faithful performance of his duties, in an amount and subject to approval as provided by Council by ordinance. He shall serve for the term of the Council appointing him.