All resolutions and motions which create any liability against the village; which provide for the expenditure or appropriation of its money; or to sell any village property, and all ordinances passed by the Board of Trustees, shall be deposited with the Village Clerk. If the Village President approves of an ordinance or resolution, he or she shall sign it. If he or she disapproves of an ordinance, resolution or motion, he or she shall return them to the Board of Trustees with his or her written objections at the next regular meeting of the Board of Trustees occurring not less than five days after their passage. The Village President may disapprove of any one or more sums appropriated in any ordinance, resolution or motion making an appropriation, and, if so, the remainder shall be effective. The Village President may disapprove entirely of an ordinance, resolution, or motion making an appropriation. If the Village President fails to return any ordinance or any specified resolution or motion with his or her written objections within the designated time, it shall become effective despite the absence of his or her signature.