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(A) Every officer and employee shall, if required by the Village Board, upon entering upon the duties of his or her office, give a bond in an amount and with the sureties as may be determined by the Board, conditioned upon the faithful performance of the duties of his or her office or position.
(`92 Code, § 1-2-21)
(B) (1) Amount. Bonds of village officers required under ILCS Chapter 65, Act 5, § 3.1-10-30 shall be executed in the following penal sums:
(a) Mayor: $25,000.
(b) Village Treasurer: $40,000.
(c) Village Clerk: $25,000.
(d) Police Chief: $25,000.
(e) Comptroller: $40,000.
(f) Water Clerk: $15,000.
(g) Administrative Assistant: $15,000.
(2) Premium payment by village. The surety bonds required by law shall be paid by the village.
(3) Surety. The Village Board shall not receive or approve any bond or security whereon the name of the Village Board, any one of the Board of Trustees or any elected or appointed officer of the village appear as bondsperson or security. If, by mistake, a bond containing the name of any officer is approved by the Village Board or if any bondsperson, after becoming such is elected or appointed to any village office, this division (B)(3) shall not act as a release of any obligation incurred.
(`92 Code, § 1-2-23)
Similar provisions, see ILCS Chapter 5, Act 270, §§ 1et seq.