The Treasurer shall give bond conditioned upon the faithful performance of his duties and to indemnify the Village for any loss due to neglect of duty or wrongful act on his part; and the amount of such bond shall not be less than ten percent (10%) of the highest amount of taxes and special assessments received by the Treasurer during any fiscal year in the preceding five (5) fiscal years, nor less than one and one-half times the largest amount which the Board estimates will be in his custody at any one time, nor less than three (3) times the number of residents of the Village, as determined by the last Federal Census. Such bond shall be filed with the Clerk as required by statute. (See 65 ILCS 5/3.1-10-45)