All resolutions and motions which create any liability against the village or which provide for the expenditure or appropriation of its money, or to sell any village or school property, and all ordinances passed by the Board of Trustees, shall be deposited with the Clerk. Except as provided in 65 ILCS 5/4-1-1 et seq. and 5-1-1 et seq., if the President approves of an ordinance or resolution, the President shall sign it. Those ordinances, resolutions and motions which he or she disapproves shall be returned to the Board of Trustees, with his or her written objections, at the next regular meeting of the Board occurring not less than five days after their passage. The 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. However, the President may disapprove entirely of an ordinance, resolution or motion making an appropriation. If the 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.
(65 ILCS 5/3.1-40-45) (2000 Code, § 30.43)