All bills payable by the village other than for the payment of salaries established by the village board, shall be submitted to the village board for approval before payment, except that the treasurer in his discretion may pay bills up to five hundred dollars ($500.00) and with the concurrence of the village manager up to one thousand dollars ($1,000.00) without said prior approval but subject to subsequent ratification of the village board. (1963 Code § 10.205)