The Village Treasurer, before entering upon the duties of his or her office, shall execute a bond in a sum as shall be determined from time to time by ordinance or resolution of the Board of Trustees that is an amount not less than that is required by Illinois Municipal Code, 65 ILCS 5/1-1-1 et seq., as amended, conditioned upon the faithful performance of his or her duties, to be approved by the corporate authorities and filed with the Village Clerk. The premium of such bond shall be paid by the village.