(A) The Village Treasurer shall give a bond, before entering upon the duties of the office, in the sum required by the Board of Trustees, but the amount shall not be less than that required by statute. This bond shall be conditioned upon the faithful performance of the Village Treasurer’s duties and shall be conditioned to indemnify the village for any loss by reason of any neglect of duty or any act of the Treasurer.
(B) Such bond shall be approved by the corporate authorities and filed with the Village Clerk. The premium of such bond shall be paid by the village.