All resolutions and motions which create any liability against the village, or which provide for the expenditure or appropriation of its money, or to sell any village property, and all ordinances passed by the Board of Trustees shall be deposited with the Village Clerk. If the President approves of them, the President shall sign them. If the President disapproves of any, the President shall return them to the Board of Trustees, with written objections, at the next regular meeting of the Board of Trustees occurring not less than five days after their passage. The President may disapprove of any one or more sums appropriated in any ordinance, resolution or motion making an appropriation, or the President may disapprove entirely of an ordinance, resolution or motion making an appropriation. If the President fails to return any ordinance or any specified resolution or motions with written objections within the designated time, it shall become effective despite the absence of the President’s signature.