(A) Amount. Bonds of Village officers required under Illinois Compiled Statutes, Chapter 65, Section 5/3.1-10-30 shall be executed in the following penal sums:
(1) Mayor $ 50,000.00
(2) Village Treasurer 50,000.00
(3) Village Clerk 50,000.00
(B) Premium Payment by Village. The surety bonds required by law shall be paid by the Village. (See 5 ILCS 270/1)
(C) Surety. The Village Board shall not receive or approve any bond or security whereon the name of the Village Board, any one of the Board of Trustees or any elected or appointed officer of the Village appear as bondsman or security. If, by mistake, a bond containing the name of any such officer is approved by the Village Board or if any bondsman, after becoming such is elected or appointed to any Village office, this Section shall not act as a release of any such obligation incurred.