Before entering upon the duties of his or her office, the Village Treasurer shall execute a bond to the village in the penal sum of an amount not less than three times the latest federal census population or any subsequent census figure used for motor fuel tax purposes, with surety and sureties to be approved by the Board of Trustees, conditioned upon the faithful performance of the duties of his or her office and the payment of all monies received by him or her according to law in the ordinances of the village.
(1983 Code, § 1-7-1)