The village clerk and the village treasurer shall each, before entering upon the duties of his office, execute a bond with security to be approved by the village president and board of trustees payable to the village in such penal sum as may, by resolution, be directed by the board, conditioned for the faithful performance of the duties of his office, and the payment of all monies received by such officers according to law and the provisions of this code. All such bonds shall be filed with the village clerk, except that of the clerk, which shall be filed with the village treasurer. (1904 Code § 29.2; amd. 1977 Code)