As required by 65 Illinois Compiled Statutes 5/3.1-10-30, the chief of police and all other police officers appointed, hired or retained by the village shall, before entering upon the duties of their respective offices, execute a bond with surety to be approved by the village board of trustees, which bond shall thereafter be filed with the village clerk. The bond shall be payable to the village in the penal sum as provided in section 1-7-1 of this code conditioned upon the faithful performance of the duties of the office and the payment of all monies received by the officer, according to the laws and the ordinances of the village. (2011 Code)