(A) The Village Manager shall furnish a bond before entering upon the duties of his office in such sum as may be required by the President and Board of Trustees. The amount of the bond shall not be less than the amount which may be required from time to time by the statutes of the State of Illinois. The bond shall be conditioned on the faithful performance of his duties and shall be conditioned to indemnify the village for any loss by reason of any neglect of duty or any act of the Village Manager. The cost of the bond shall be paid by the village.
(B) The Village Manager shall be bonded in the amount of $200,000.
(Ord. 385, passed over President's veto 1-16-74; Res., passed 8-21-74)