The Treasurer shall keep all money belonging to the Village and in his hands separate and distinct from his own moneys, and he is hereby expressly prohibited from using, either directly or indirectly, any Village moneys or warrants in his custody and keeping, for his own use and benefit or that of any other person; any violation of this provision shall subject him to immediate removal from office by the President and Trustees; in case of his removal the President and Trustees, voting jointly, shall appoint a successor who shall hold office for the remainder of the unexpired term.
The Village shall annually invite bids for the service of a depository in which the funds and monies of this Village may be deposited.
The President and Board of Trustees of the Village shall from time to time hereafter determine what allocation of funds and money shall be made with respect to said depository but in no event shall the amount so deposited in any depository exceed the limitations imposed by statute.