(A) Establishment of Municipal Finance Department. There is hereby established a department of the municipal government of the village which shall be known as the Finance Department of the Village Board and the Village Treasurer.
(Prior Code, § 2-301)
(B) Village Treasurer. The Treasurer shall be elected at the same election as the Mayor for a term of four years. He or she shall serve until his or her successor is elected and has qualified.
(Prior Code, § 2-302)
(C) Separation of funds.
(1) The Treasurer shall keep all moneys in his or her hands belonging to the village separate and distinct from his or her own money, and he or she shall not use, either directly or indirectly the village moneys or warrants in his or her custody and keeping for his or her own use and benefit, or that of any other person.
(2) Any violation of this section shall subject him or her to removal from office by the Village Board.
(3) If the Treasurer is removed from office for cause as contained in this provision, the Mayor shall appoint a replacement with the advice and consent of the Board of Trustees to serve out the remainder of the term of the official removed.
(Prior Code, § 2-305)
(D) Bond.
(1) Generally. The Treasurer shall give bond conditioned upon the faithful performance of his or her duties and to indemnify the village for any loss due to neglect of duty or wrongful act on his or her part. The Treasurer’s bond shall be in the amount of dollars that is not less than the greater of $50,000 or three times that latest federal census population or any subsequent census figure used for motor fuel tax purposes.
(2) Outstanding bonds. The Village Treasurer shall keep in his or her office, in a book or books kept expressly for that purpose, a correct list of all the outstanding bonds of the village, showing the number and amount of each; for and to whom the bonds are issued; and when the village bonds are issued, purchased, paid or canceled. The book or books shall show the fact; and, in his or her annual report, the Treasurer shall describe particularly, those bonds sold during the year and the terms of sale, with each and every item of expense thereof.
(Prior Code, § 2-208)
(3) Filing of bond. Such bond shall be filed with the Clerk as required by statute.
(Prior Code, § 2-306)
(E) Statements. The Municipal Treasurer shall report to the corporate authorities at the second monthly meeting, a full and detailed account of all receipts and expenditures of the municipality, as shown by his or her books up to the time of the report.
(Prior Code, § 2-309)
(F) Year-end report. The Treasurer shall, annually, at the close of the fiscal year, make out and file with the Village Clerk a full and detailed report of all the receipts and expenditures of the corporation, as shown by his or her books, and of his or her transactions as such Treasurer, during the preceding fiscal year, and he or she shall show in such report the state of the Village Treasury at the close of said year, which report the Village Clerk shall publish as required by law.
(Prior Code, § 2-310)
(G) Deposit of funds.
(1) Designation by Board. The Treasurer is hereby required to keep all funds and moneys in his or her custody belonging to the village in such places of deposit as have been designated by division (H) below. When requested by the Treasurer, the corporate authorities shall designate a bank or banks in which may be kept the funds and moneys of the village in the custody of the Treasurer. When a bank has been designated as a depository, it shall continue as such depository until ten days have elapsed after a new depository is designated and has qualified as proved by law. When a new depository is designated, the corporate authorities shall notify the sureties of the Treasurer of that fact in writing at least five days before the transfer of funds.
(2) Qualifications of bank. No bank shall be qualified to receive village funds or money until it has furnished the corporate authorities with copies of the last two sworn statements of resources and liabilities which the bank is required to furnish to the Auditor of Public Accounts or to the Comptroller of Currency. Each bank designated as a depository for such funds or moneys shall, while acting as such depository, furnish the corporate authorities with a copy of all statements of resources and liabilities which it is required to furnish to the Auditor of Public Accounts or to the Comptroller of Currency.
(3) Discharge from liability. The Treasurer shall be discharged from liability for all funds or moneys, which he or she deposits in a designated bank while the funds and moneys are so deposited. If the village funds or moneys are deposited in a designated bank, however, the amount of such deposits shall not exceed 75% of the bank’s capital stock and surplus, and the Treasurer shall be responsible for funds or moneys deposited in the bank in excess of this limitation.
(Prior Code, § 2-311)
(H) Designated depositories. The Treasurer of the village is authorized to deposit funds and moneys in his or her custody belonging to the village in various banks and financial institutions as necessary to ensure the village is able to obtain most competitive rates of return for their investments.
(Prior Code, § 2-312) (Ord. 1423, passed 7-5-2005)