(A) All ordinances passed by the Board of Trustees shall, before they take effect, be deposited in the office of the Village Clerk, and if the President of the Board of Trustees approves thereof, he shall sign the same, and such as he shall not approve he shall return to the Board of Trustees, with his objection thereto in writing, at the next regular meeting of the Board of Trustees occurring not less than five days after the passage thereof. The veto may extend to any one or more items of appropriation, contained in any ordinance making an appropriation or to the entire ordinance, and in case the veto only extends to a part of the ordinance the residue thereof shall take effect and be in force. But in case the President shall fail to return any ordinance with his objection thereto, by the time aforesaid, he shall be deemed to have approved the ordinance and the same shall take effect accordingly.
('77 Code, § 11.002)
(B) All resolutions and motions which create any liability against the village, or which provide for the expenditure or appropriation of its money, or to sell any village property, and all ordinances, passed by the Board of Trustees shall be deposited with the Clerk. If the President approves of them, he shall sign them. Those of which he disapproves he shall return to the Board of Trustees with his written objections, at the next regular meeting of the Board of Trustees occurring not less than five days after their passage. The President may disapprove of any one or more sums appropriated in any ordinance, resolution, or motion making an appropriation, and, if so, the remainder shall be effective. However, the President may disapprove entirely of an ordinance, resolution, or motion making an appropriation. If the President fails to return any ordinance or any specified resolution or motion with his written objections, within the designated time, it shall become effective despite the absence of his signature.
('77 Code, § 30.047)