Prior to entering upon the duties of the office of President of the village, the President shall execute a bond with security to be approved by the Corporate Authorities made payable to the village in an amount of not less than $3,000. The bond shall be conditioned upon the faithful performance of the duties of the office of President and the payment of all money received by the President according to the laws of the state and the ordinances of the village. The obligation of the sureties shall not extend to any loss sustained by the insolvency, failure or closing of any bank organized or existing either under the laws of the state or the United States wherein the President has placed funds in his custody, provided the bank has been approved by the Corporate Authorities as a depositary for said funds. This bond may be part of the blanket bond of the village. The village shall pay all premiums of said bond. The bond shall be filed with the Village Clerk.
(Ord. 217, passed 5-21-79)