(A) Every officer, employee or agent of the village who handles or has custody of more than $100 of the village’s funds at any time shall, before assuming the duties as such, be required to enter into bond with good sureties, in an amount sufficient to protect the village (as determined by the Village Council), payable to the village and conditioned upon, the faithful performance of the duties and a true accounting for all funds of the village which may come into the hands, custody or control, which bond shall be approved by the Village Council and deposited with the village; except that, such bond of any employee or employees may, in the discretion of the Village Council, be conditioned only upon a true accounting for funds of the village; provided that, the Village Council may, by resolution, adopt a system of blanket faithful performance or honesty bonding as an alternative to individual bonds, except as to the Village Clerk.
(B) Village police officers and village personnel having authority to make arrests, carry weapons or to make inspections shall be bonded as provided in division (A) above, and a condition of such bond shall be to save harmless the village against all actions, suits, claims and demands whatever by reason of any act or omission of the bonded person in the performance of official duty.
(C) In addition to the approval required by division (A) above, all bonds shall be approved as to form by the Village Attorney.
(D) The premium on official bonds shall be paid by the village.
(Prior Code, § 2-2)