(A) The Finance Director shall give a bond, before entering upon the duties of employment, in the sum required by the Board of Trustees. This bond shall be conditioned upon the faithful performance of the duties of Finance Director, and shall be conditioned to indemnify the village for any loss by reason of any neglect of duty or any act of the Finance Director. The bond of the Finance Director may be a blanket bond.
(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.