(A) Except as otherwise provided in this charter, all officers of the Village whose duties involve the custody of public property or the handling of public funds, either by way of receipt or disbursement or both, and all other officers and employees so required by the Council, shall, before they enter upon the duties of their respective offices, file with the Village an official bond in such form and amount as the council shall direct and approve.
(B) Such official bond of every officer and employee shall be conditioned upon the faithful performance of the duties of his/her office, and will on demand deliver over to his/her successor in office, or other proper officer or AN agent of the Village, all books, papers, monies, effects and property belonging thereto, or appertaining to his/her office, which may be in his/her custody as an officer or employee; and such bonds may be further conditioned as the Council prescribes.
(C) The official bond of every officer whose duty it may be to receive or pay out money, besides being conditioned as above required, shall be further conditioned that he/she will, on demand, pay over or account for to the Village or any proper officer or agent thereof, all monies received by him/her as such officer or employee. The requirements of this paragraph may be met by the purchase of one or more appropriate blanket surety bonds covering all, or a group of, Village employees and officers.
(D) All official bonds shall be corporate surety bonds and the premiums thereon shall be paid by the Village. All bonds of all officers or employees shall be filed with the Clerk Treasurer except that any bond pertaining solely to the clerk-treasurer, shall be filed with the Village Manager. No bond shall be issued for a term exceeding two (2) years.