Prior to entering upon the duties of Treasurer of the village, the Treasurer shall execute a bond with security to be approved by the Corporate Authorities made payable to the village in an amount of money that is not less than three times the latest federal census population or any subsequent census figure used for motor fuel tax purposes. The bond shall be conditioned upon the faithful performance of the duties of the office of Treasurer and the payment of all money received by the Treasurer 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 and existing either under the laws of the state or the United States wherein the Treasurer has placed funds in his custody, provided the bank has been approved by the Corporate Authorities as a depositary for said funds. The village shall pay all premiums of said bond. The bond shall be filed with the Village Clerk.
(Ord. 217, passed 5-21-79)