(A) Before entering upon the duties of their respective offices, all village officers, except Trustees, shall execute a bond with security, to be approved by the Board of Trustees. The bond shall be payable to the village in whatever penal sum may be directed by resolution or ordinance, conditioned upon the faithful performance of the duties of the office and the payment of all money received by the office, according to law and also the ordinances of the village.
(B) The bond may provide that the obligation of the sureties shall not extend to any loss sustained by the insolvency, failure or closing of any bank or savings and loan association organized and operating either under the laws of the state or the United States wherein the officer has placed funds in his or her custody, if the bank or savings and loan association has been approved by the corporate authorities as a depository for these funds. In no case, however, shall the Mayor's bond be fixed at less than $3,000.
(C) The Treasurer’s bond shall be an amount of money that is not less than three times the latest federal census population or any subsequent census figure used for Motor Fuel Tax purposes. These bonds shall be filed with the Clerk, except the bond of the Clerk, which shall be filed with the Treasurer.
(ILCS Ch. 65, Act 5, § 3.1-10-30) (Prior Code, § 30.006)