There shall be elected at the regular annual village election for the year 1979, and every four (4) years thereafter, a president of the village, who shall hold his office for four (4) years and until his successor is elected and qualified. He shall be a citizen of the United States, a qualified elector and shall have resided within the corporate limits of the village at least one year next preceding the election at which he is a candidate. (1985 Code § 1-5-1)