No Municipal official or employee, whether elected or appointed, shall have the authority to make an expenditure of Municipal funds or create a liability in the name of the Municipality for an amount in excess of seventy-five dollars ($75.00) without the prior approval of Council. Any Municipal official or employee who violates this section shall be held personally liable by the Municipality for the amount in excess of the above limitation, or the bonding company for such employee shall be so liable, unless the expenditure is approved by Council. Similarly, any contract entered into on behalf of the Municipality by any Municipal official or employee in excess of the above stated limitation without prior approval shall be null and void unless it is later approved by the Council. (Amended 11-7-72, 11-3-87, 5-3-94)